The Israel-Iran war continues, but outside of oil, the capital markets have barely reacted. WTI rose by about 2.7% last week after a 13% rally the previous week. It reached levels not seen since early January. The average retail price of unleaded gasoline has risen by almost 2.5% this month. The price of gold fell by nearly 2% last week, its first weekly decline in three. The dollar rose against all of the G10 currencies. The US tariff threats, with postponement of the so-called reciprocal tariffs coming to an end on July 9, continue to cast a long shadow. The last-minute scramble for deals has begun. The recent ... (full story)