Russia

The latest indictments [of seven Russian military-intelligence agents] are primarily symbolic...The Trump Administration pushed through even tougher sanctions than Obama did, some coordinated with the European Union...But we’re still seeing this massive cyber-attack in the Netherlands, the disinformation campaign surrounding the attempted Skripal assassination, and the Russian attacks of U.S. congressional candidates in the current election. Russia is on a clear course of more aggressive behavior toward the West. Strong statements and narrow sanctions won’t change that.

Dollar-denominated oil survived three years of rock-bottom prices and diverging economic fortunes between the United States and the producing countries. It is unlikely to change now that the industry is more flush with cash.