Don't expect a resolution to the Middle East war until mid-year, says Martin Whetton | The Business

The price of oil has soared after Donald Trump announced the US will blockade the Strait of Hormuz.
Benchmark Brent crude futures climbed back up above $US100 a barrel.
WTI crude futures also jumped, reversing the falls after last week's US-Iran ceasefire deal.
However, the reaction on the Australian market was more restrained. The ASX 200 fell by 0.4 per cent while the All Ordinaries fell by 0.5 per cent, with all sectors sold off, except energy and utilities.
Head of financial markets strategy at Westpac, Martin Whetton says the somewhat muted market reaction could be compared to the story, 'the boy who cried wolf', as markets realise Donald Trump's announcements don't usually come to effect.
"We see these things get to a point and come back, and because none of these things have actually ever been in effect, there is a level - I wouldn't say complacency - but maybe just less confidence that it happens, and it explains the glass half-full approach," he tells The Business.
Mr Whetton doesn't think there will be a quick resolution to the conflict. He says on top of a lot of damage to infrastructure that will need to be repaired when the conflict ends, it's not in Iran's interest to 'finish things'.
"I think in the case of Iran, its 10-point plan that it gave was very strong, and it now seems to have an upper hand geographically, but also in terms of its ability to control the flow of oil...I don't think it's in their interest necessarily just now to finish things," he says.
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