Tuesday 21st April 2026

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Geopolitical tensions are rising again, following a U.S. attack on an Iranian merchant vessel in the Gulf, which sent oil prices jumping 5–6% with Brent nearing $95 a barrel. While JD Vance leads a U.S. delegation to Islamabad for high-stakes peace talks, a question remains as to whether Tehran will participate. Kevin Warsh’s pre-prepared speech to the senate banking committee spoke of a continuance of monetary policy free from the control of government. NAB’s Ken Crompton talks through all this with Phil, plus Canadian CPI, and the significance of tonight’s US retail sales numbers.

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