Geopolitics could continue to dog this market for a long while yet.

Geopolitical risk around Iran and surging bond yields, not earnings, are the dominant near-term drivers of oil, gold, and equity market breadth.

• Iran negotiation window: Iran seeks a 7-day deal to lift the naval blockade; Brent trades near $106 with dated Brent $20 above the November future, a steep backwardation.
• Escalation risk flagged: Ole Hansen cites Michael Every's view that the U.S./Israel see regime change as necessary and any new conflict could pull in regional powers plus Ukraine/Russia.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.