'Markets Are Not Calibrated For This': Goldman's One-Delta Desk-Head Warns

'Short term cautious' is the message from Goldman Sachs One-Delta desk-head, Rich Privorotsky, overnight as the Iran conflict continues with renewed threats to disrupt shipping in the Strait of Hormuz.

This is now the core market issue.

Unless there is outright regime collapse, the asymmetric risk of even a partial closure can embed a structurally higher oil price.