UBS On-Air: Paul Donovan Daily Audio 'Up we go again'

Oil's rise past $110 matters less for inflation than for whether it triggers Iran concessions or central bank tightening.

• Oil breaks $110: Brent crude rose above $110/barrel on Strait of Hormuz shipping attacks and concerns over depleting US oil reserves.
• Policy fork for markets: Donovan says investors should watch whether higher oil prices push Trump toward concessions to Iran (positive for markets) or push central banks toward restrictive policy (raises recession risk).

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