Episode

UBS On-Air: Paul Donovan Daily Audio 'The return of the armchair generals'

Podcast: UBS On-Air: Market Moves
Published: Jul 23, 2026
Duration seconds: 170
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Canonical source: https://www.ubs.com/content/dam/podcasts/wma/260723-the-return-of-the-armchair-generals.mp3
Audio: https://www.ubs.com/content/dam/podcasts/wma/260723-the-return-of-the-armchair-generals.mp3
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Summary

Iran struck tankers attempting to traverse the Strait of Hormuz, potentially undermining shipowners’ confidence in US protection. The Houthi struck at tankers in the Red Sea—this has always been a key area of vulnerability. Investors are likely to look for US conciliation as a de-escalation signal, and absent that have pushed oil prices higher.