Merryn Somerset Webb

I am Merrin Somerset Webb, Editor-at-Large for Bloomberg UK Wealth.

Morning, John.

Morning, John.

I think it's morning.

John, I'm not even sure anymore whether this is a truce day or not a truce day.

It's a war on day, not a war off day.

OK.

So here is the question then.

Is this just where we are now?

We're not in an extreme crisis mode when it comes to war, not in a constant let's all bomb each other mode.

We're in a constant mini crisis, no one knows quite what's going on, rolling mode, which is totally different.

A state of permanent hubbub, but not necessarily a state of permanent war.

Yes, but that rather suggests that we're on a very, very, very long, super messy off-ramp.

Both sides, kind of no one really wants to keep going.

Iran doesn't really want to get too much more involved with irritating someone who's so unpredictable, so provocative, etc.

And Trump is a bit nervous about taking anything further in case the oil supply problem really does get very severe.

Everyone kind of wants to offer up.

No one wants to agree to everything.

So we are on one, just a slightly abnormal one.

And somehow markets have to work around that.