goofyhoofy,
there seems to be some paralysis because trump can always make things much worse, or anticipate a whiplash taco rebound any second he backs off the crazy.
but other irrational play will continue, and i dont think the markets have re-normalized to how bad it is already.

from energyflux:
"The Trump administration has well and truly lost control of the situation in the Middle East.
Rapid escalatory attacks and destruction of critical energy infrastructure are unfolding on a scale that defies historical comparison.

This spiraling conflict is sowing the seeds of an energy crisis that will dwarf the events of 2021-22.

Israel’s initial unprovoked strike on Iran’s South Pars gas field yesterday triggered huge retaliatory attacks on Qatar.
QatarEnergy CEO Saad al-Kaabi told Reuters this morning that 2 of Qatar’s 14 LNG trains and 1 of 2 two gas-to-liquids (GTL) facilities were damaged in the unprecedented strikes.

The attacks knocked out 12.8 million tons per year of liquefaction capacity, or 17% of Qatar’s LNG supply, for ​3-5 years ...this is energy warfare that goes beyond military escalation.
This is a structural supply shock with cascading consequences for oil, condensate, refined products, LNG and power that energy markets have barely begun to price."