UK ushering in a new leader and the Burnham takes over from Keir Starmer as the country's Prime Minister.
He is touting big plans for the economy, saying he will begin to roll out measures targeting costs this week, and he's also teasing the release of a 10 year plan to restore Britain's economy in a surprise move.
Burnham also announcing plans to drill in the North Sea.
For oil and gas and Trump during this move on saying it will make the UK wealthy.
Meanwhile, Iraq and Syria in a deal to reopen a pipeline that would bypass the Strait of Hormuz.
The US is playing a key part here with Energy Secretary Chris right presiding over the signing ceremony and companies, oil companies such as Chevron Conocos and BP signing.
Or exploring deals with Iraq.
Well joining me this morning to weigh in is Patrick, chairman and founder of Exchange Invest.
Patrick, thank you so much for joining us.
Well, we are in the back half of July and the US Iran conflict does remain a key macro factor here.
So where does the conflict stand with the US military striking Iran for 9 straight days.
Well, at the moment what we've got is obviously a desire to make sure that the Straits of Hormuz either operate or they're bypassed.
And as you mentioned at the start of the conversation, what's most interesting is not per se the extent of damage which is presumably going to start having a considerable toll on the day to day living of Iranian people because major infrastructure is being targeted.
But also what's happening, which is the whole.
Middle East is moving geopolitically.
So we have this very exciting moment.
2003, all the way back to previous Gulf Wars, of course, the ending of Saddam Hussein.
At that point in time, the Kirkuk to Banayas pipeline was closed down.
It has not operated for 27 years.
Now the USA, Iraq, and the Syrians are very easy to get that, very eager to get that going in an era of New Syrian government, a new Iraqi era, and also something that reshapes oil fundamentally, because what does it do?
That 500 mile pipeline is going to start delivering oil into the Mediterranean on the Syrian coast.
And of course that also subtly changes the geopolitics of the Middle East, because at the moment, what China wants is to have direct access in the Straits of Hormuz to be able to get oil.
And liquid natural gas coming in a way that is naturally going to flow, uh, for want of a better term, via the tanker network straight down to China.
Getting round to the Mediterranean is a bit more difficult.
But of course, if you can get oil and gas going to the Mediterranean, that's got to be good news to Europe because of course they're heavily reliant on Russian oil.
And there's much more to be said on the whole topic of Iraq as well.
Yes, and Patrick, while we have you here, I do want to get your take on what we're seeing unfold in the UK with Andy Burnham at 10 Downing Street.
But overnight we heard about plans to drill in the North Sea and given the fact that we're looking at rent prices creeping closer and near that $90 barrel mark which we breached last night, what has the reception been so far to the new leader of the UK?
Well, at the moment we're at the dream stage.
The mainstream liberal media are getting terribly excited because we get our 7th prime minister in 10 years, therefore making the United Kingdom where I am today look, well, frankly a lot more like Italy in the 1960s than a modern dynamic democracy.
The problem is the Burnham honeymoon is just not going to last.
He's going to fail like all those before him, but at least he will hopefully manage to change the energy. somewhat because it has been simply insane that the British oil fields could not be exploited over the course of the last 20 years in the way that they ought to be.
At the same time though, oil exploration taxes are very, very high thanks to someone who was a previous Labour Prime Minister in a similar stage, Gordon Brown, who also took over from the incumbent Tony Blair.
However, Burnham's honeymoon not going to last.
That's.
Going to be the major macro takeaway.
He's made a career out of complaining every time the Conservatives change Prime Minister and don't have a general election.
He will therefore have to find himself some electoral credibility.
And if he does that and goes for a general election, it's simply not a clear cut thing that there is a majority of people in Britain who want the Labour Party to be in power after two utterly disastrous years under Keir Starmer.
Yes, and finally, Patrick, we are counting down to the opening bell here in New York, so this will be the final question for you.
But here in New York, the mayor here, Zoram Mandami, is reportedly exploring options ahead of the UN General Assembly in September to arrest Israeli Prime Minister Netanyahu for war crimes, and this is a move that even the Biden administration would not make.
So what do you make of this?
How utterly pathetic that the mayor of New York is determined to defenestrate the United Nations and also show himself as being little other than a man who wants to talk the talk about doing the walk.
I mean, don't forget, this is the United Nations General Assembly where they allowed in ongoing criminals like, well, for example, Fidel Castro for many years to come.
That's the whole point of why we have a diplomatic system with.
Diplomatic immunity.
The idea of picking upon one particular prime minister because he's perceived to be unreasonable to the rest of the world and then allowing in all manner of weird, wacky and wonderful conjandrums who beat up their own women and do all sorts of ghastly things to their citizens is stupid.
The Mandani mayorship is unfortunately an embarrassment to New York, an embarrassment to the world.
Well Patrick, we all know that every year when the UN General Assembly takes place here in New York City, there's plenty of gridlock as well as a lot of controversy depending on who is in attendance.
So as we count down to that September day, a lot to monitor.
So Patrick, as always, thank you so much for joining us.
I appreciate your time as well as your perspective.
