To get John Authers’ newsletter delivered directly to your inbox, sign up here.

The president of the US virtually announced the end of NATO; the war in the Gulf intensified with the killing of Iran's security chief; oil prices continued to rise as Iran made clear that it retains total control over the Strait of Hormuz waterway.

And stocks went up, more or less everywhere.

This is not an all-clear signal from the market, and trading was desultory as financiers get ready for a raft of central bank decisions. But oil has been leading share prices on a tight leash, and that does now appear to be loosening:

© Bloomberg