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ASX to Climb, Oil Drops on US–Iran Deal Hopes
Oil prices fell nearly 2% after traders bet diplomacy could still stop the US-Iran conflict from reigniting.
- Oil prices retreated overnight as markets bet on a diplomatic path to prevent US-Iran conflict, with US crude dropping nearly 2 per cent to $US96.35 a barrel; ASX 200 futures point up 0.5 per cent this morning following Thursday's gains.
- Prices initially spiked following reports Iran's leader ordered enriched uranium to remain in-country, complicating talks with Washington and heightening uncertainty regarding the Strait of Hormuz, a key global fuel route.
- The Dow Jones, S&P 500, and Nasdaq all edged up yesterday, with US stocks ending slightly higher as investors remained hopeful that diplomacy can prevent conflict.
- Australia's unemployment rate rose to 4.5 per cent in April from 4.3 per cent in March, as the economy shed 18,600 jobs and The ABS figures show the number of unemployed people jumped by 33,000.
- HSBC chief economist Paul Bloxham told The Business that combined with weaker consumer sentiment and business confidence, the jobs numbers suggest the economy may be heading into a sharper downturn.
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Coverage Details
Total News Sources10
Leaning Left2Leaning Right3Center0Last UpdatedBias Distribution60% Right
Bias Distribution
- 60% of the sources lean Right
60% Right
L 40%
R 60%
Factuality
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