Morning Bid: Drawing to a strait is always a risky play

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Trump sees ’very bad’ future for NATO if allies do not help in Iran- FT interview Oil spike may trim global GDP by 0.3%, push inflation higher: Goldman Asia shares cautious, oil gains on Hormuz doubts US Economy: $100 oil triggers a dual-edged sword for domestic growth (South Africa Philippines Nigeria) Morning Bid: Drawing to a strait is always a risky play By Economy Published 03/16/2026, 01:34 AM Updated 03/16/2026, 01:36 AM Morning Bid: Drawing to a strait is always a risky play 0 LCO 1.45% A look at the day ahead in European and global markets from Wayne Cole. Asian trading has again been all about the Strait of Hormuz and President Trump’s odds of strong-arming U.S. allies, and others, into helping escort shipping through the vital waterway. Early reports said the White House would soon announce multiple countries had agreed to provide naval protection, but were still talking about whether operations would begin before or after the end of hostilities. That morphed into Trump just talking to seven countries about escorts, with no agreement reached. Mentioned were France, Japan, South Korea, Britain and China, with the latter sure to raise diplomatic eyebrows. Beijing actually has more suitable naval vessels for such operations than the U.S., which is hamstrung by a lack of frigates and minesweepers. Imagine the optics of the Chinese navy doing what the U.S. navy could not by opening the Strait. It could be used as a bargaining chip in U.S.-China trade talks underway in Paris. European ministers meet today to discuss the Strait, though Trump may not have won many friends by seeming to threaten the future of NATO should allies turn him down. Net, the Strait remains effectively throttled and trouble is building in the supply chain and not just with crude. Various nations, including China, are clamping down on the export of refined products to preserve domestic supplies, and that is rippling through the Asia...