By Molly Schwartz, cross-asset macro strategist at Rabobank
Brent crude oil sank $4.60 to its lowest price since September, at $93.70/bbl on renewed hopes of world peace, as Trump announced over the weekend that it’s “highly unlikely” that we will order extensive strikes on Iran, assuming Iran signs a “very strong agreement.” The definition of what constitutes a “very strong agreement” may be flexible, depending on how the Trump Administration plans to define “winning” in the Middle East, after facing defeat in the US Midterm elections.
But Hegseth is still coming under fire—not from the blue tsunami sweeping through DC in January, but rather from Republican Representative Thomas Massie, who has filed to impeach Hegseth. Massie wrote on X yesterday: “I’ve seen some of my colleagues say @SecWar Hegseth has been effective and they agree with the war, so they’ll vote not to impeach. That’s not the questions though. The question is whether he committed impeachable acts, and the answer is yes, eight times:” which, according to the articles, include starting the Iran war without congressional authorization, continuing the Iran war after Congress
