Markets rally on a peace deal that exists mainly in a press release

Michael West Media · AAP · Monday 25 May 2026

Markets rally on a peace deal that exists mainly in a press release

Oil eases and the ASX lifts on reports the US and Iran are nearing a deal, with tankers exiting the Strait of Hormuz. The market is pricing optimism it cannot verify.

Tankers turn around in the Strait of Hormuz and the ASX claps like a seal at feeding time. The market doesn't price peace — it prices the rumour of peace, then prices the rumour of the rumour. By Thursday Trump will have unnegotiated it on his phone and the same traders will call it a shock.

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