Oil prices are up 8%, paring earlier gains of nearly 20% seen at the Asia open following the wide-ranging attack on Saudi oil infrastructure. The price spike signalled geopolitical worries rather than a loss of production. The chart below shows the attack caused the biggest supply disruption in history, exceeding supply shocks caused by the Iran revolution and the Arab oil embargo. JPY and CAD are today's FX winners, but gold and silver are up against all currencies, recovering from last week's metals slump. The Empire Fed (ISM from NY Fed) is due later, but world markets remain fixated on the US and Saudi response. Do not forget Tuesday's UK Supreme Court ruling on whether PM Johnson's prorogation of Parliament was legal. Then, all eyes shift to Wednesday's Fed decision and Trump's reactions. The Premium oil short was stopped out, leaving two existing trades in progress. New tactical Premium trades will be issued over the next two days.