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

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-the-return-of-the-armchair-generals
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-the-return-of-the-armchair-generals.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-07-23T07:30:54+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260723-the-return-of-the-armchair-generals.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260723-the-return-of-the-armchair-generals.mp3
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Duration seconds: 170

## Resource

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.

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## Transcript

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