Signs are emerging that the Middle East shipping crisis is cooling, which is good news for oil markets, shipping, and the global economy.

• No new attacks on cargo ships or oil tankers have been reported recently.
• China is stepping in to pressure the Houthis to stand down.
• Saudi Arabia's East-West oil pipeline is expected back online in three to four weeks, easing supply worries.
• Trump has re-engaged directly in negotiations instead of dragging them out.

Outlook: If the calm holds and the Saudi pipeline restarts on schedule, oil prices and shipping costs should ease in the coming weeks.