Trump Arrives in Turkey With Iran War at Top of Agenda

Summary

President Trump arrives in Ankara for the NATO summit with the Iran conflict as the top agenda item, following a missile strike on a Qatari LNG vessel in the Strait of Hormuz. The incident underscores the fragile ceasefire and the ability of Iran's IRGC to maintain geopolitical risk, while sanctions relief allows Iran to sell oil openly. Europe's dependence on Qatari LNG makes it vulnerable, and the White House is criticized for an unwillingness or inability to secure the strait.

• Trump greeted by Turkish President Erdogan; Iran war is priority at NATO summit.
• Qatari LNG ship struck by Iranian missiles transiting the Strait of Hormuz.
• Attack highlights fragile ceasefire and risk even for mediators like Qatar.
• Treasury waivers enable Iran to sell oil at market prices, boosting revenue.
• Iranian strikes sustain energy market risk premium despite expectations of a glut.
• European economy vulnerable to disruption of Qatar LNG flows through Hormuz.
• White House seen as unwilling or unable to guarantee strait reopening.