To get John Authers’ newsletter delivered directly to your inbox, sign up here.
Washington’s U-turns in the Gulf have sent oil prices swinging wildly in recent weeks, but US stocks have moved in only one direction: up. So the market’s reaction to Tuesday’s reversal of the US decision to provide escorts for selected vessels through the Strait of Hormuz, and then an Axios story saying a peace deal was close, should not have been surprising. Brent crude’s plunge didn’t last long, and it pared some losses when Tehran suggested a deal wasn’t imminent:
