U.S. airstrikes are ready to start hitting Iranian targets in Syria

There are rumours that U.S. airstrikes are ready to start hitting Iranian targets in Syria. 

There are additional reports that the Turkish military vehicles have entered Syria. There is speculation of troop-build up ahead of an invasion.

More to come…

Market implications:

This is not positive for risk and could counter some of the risk-on sentiment following the dovish rhetoric delivered in Powell’s testimony to Congress overnight.  However, so far, nothing not impacting the markets…

Meanwhile, Oil prices have been on the rise. „The latest rise in prices comes on the back of reports that the US considering letting Venezuelan waivers expire for Chevron and other US companies, which would significantly hasten the deterioration in Venezuelan crude production, which is already some 1.6m bpd below its June 2015 levels,“ analysts at TD Securities explained, adding, that further supporting prices are the „boiling tensions with Iran, which continue to rise as Rouhani considers ‚consequences‘ for the UK’s decision to seize an Iranian oil tanker“. 

„We continue to suspect that the combination of continued OPEC+ supply discipline, lower US inventories, Libyan and Venezuelan production risks, along with boiling Iran-tensions will all help to lift crude higher, even as demand expectations moderate somewhat. For momentum followers, trends are weak.“

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