The ‘pause’ was extended over the weekend and reciprocated by the Iranians, marking the first ‘cease’ of the ceasefire in almost a fortnight. President Trump denied the reports, telling the Wall Street Journal “we have far more [interceptors] than we need.” It also remains to be seen whether any agreement reached between Iran and Oman would be accepted by the United States. Nevertheless, President Trump’s threats of ‘massive attack’ late last week that saw Brent crude surge above $100/bbl, higher bond yields, and equities under pressure has now given way to a massive relax, with Brent below $92/bbl, equity futures pointing higher and sovereign yields lower across the board. Similarly, Israel was reportedly bracing for escalation over the weekend with the Jerusalem Post noting that public bomb shelters had been re-opened in major cities.