18 March 2025: 08:30 GMT
Man down! Kazakhstan fired its oil minister! After months of ignoring quotas, finally a head rolls. But back in the market, flat price remains firm with Brent holding up near $72.00/bbl as the tension remains at a peak level in the Middle East. But we think Trump has no desire to widen the conflagration despite bombing Yemen, the weakest enemy the US forces could find. The Israelis are doing the same in Gaza. The nominal ceasefire between Israel and Hamas was always fragile, but the repeated blame game between the two, each accusing the other of violating it, was only going to end one way. Now that Israel’s struck at Hamas, of course Netanyahu was quick to blame Hamas for violating the ceasefire. Israel has now ordered evacuation of certain areas of Gaza… we feel like we’ve been here before.
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