David Taylor

When he said that he promised to commit to finishing the job, to completing the job in Iran, the oil price was at around about $104 a barrel.

We're talking Brent, the global benchmark.

It fell to around $99 a barrel before he said that.

And then as soon as he said, I'm going to complete this job, it moved very gradually from $99 a barrel to $104, $105, $106.

And as we're delivering this podcast now to our audience...

Both West Texas Intermediate and Brent Crude are trading at around about $110 to $112 a barrel.

So what that tells me is that despite everything that has been said up until this point, the market is applying a premium to the price of oil.

The market is saying the taco trade is gone for the moment.

Trump always chickens out, meaning he will take something to the brink and then at the very last moment, bring it back.

And markets will breathe a sigh of relief.

That trade for the moment has been put to the side.

And what markets are looking at is this idea of, okay, okay, does the US president have control over this firefight now?

And some say yes, a majority say no.

He doesn't have control.

He's looking for an off ramp, can't find it.

Looking for an off ramp over here, can't find it.

So the markets are pricing that in.

As people try to get cash and liquidate their positions, you're seeing the price of gold sell off.

Huge bubble in the price of gold.

And now we're looking at the price of gold.