Wyn Thomas - Axys Investment Management

Weekly Market Commentary 12th July 2019

UK NAVY BLOCKS IRANIAN ATTEMPT TO CAPTURE BP TANKER

This week saw the UK get dragged into the simmering Middle East conflict between the US and Iran, when the Royal Navy had to intervene to prevent the Iranians from seizing a British tanker in the key shipping lane of the Strait of Hormuz. While this act of aggression has got a lot of attention, it follows on from the UK seizing an Iranian oil tanker off the coast of Gibraltar last week and arresting the Captain. While the ship was suspected of breaking sanctions on Syria, the retaliation was hardly unexpected. This tit for tat state sponsored piracy can probably be resolved without further escalation. Read more…