The ASX is starting to trade the US-Iran peace process before a deal is actually done. Oil prices have been swinging violently on every headline out of Washington and Tehran, and local fund managers are already positioning for what comes next: lower crude, softer inflation pressure and a rotation away from the sectors that benefited from the war premium.
That trade is not clean. It is volatile, headline-driven and easy to get wrong over a single session. Brent tumbled more than 5% on Wednesday as investors priced in progress toward reopening the Strait of Hormuz, only to rebound. . .
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