Dollar Climbs on Renewed Middle East Attacks, Hormuz Closure
Oil prices climbed more than 4% and Fed rate-hike bets strengthened as renewed US-Iran fighting rattled markets, traders said.
- On Monday, the US dollar rose and oil prices surged over 4% as renewed military hostilities between the United States and Iran prompted Tehran to close the vital Strait of Hormuz, rattling global investors.
- US and Iranian forces exchanged heavy missile and drone assaults over the weekend, prompting Iran's Revolutionary Guards to declare the Strait of Hormuz "closed until further notice and until the end of American interventions in this region."
- Fed funds futures show a 52.1 percent probability of two or more rate hikes by December, as investors bet the Federal Reserve will act to tame war-fuelled inflation stemming from the conflict.
- European shares opened lower on Monday, while Asian tech markets led losses following recent volatility, as market analyst Fawad Razaqzada warned that "traders are forced to assume the worst" regarding the conflict.
- Although oil prices rose over 4%, IG analyst Fabien Yip noted that a repeat of March's earlier spike appears unlikely, as global demand remains slow to recover despite the regional risk premium.
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Crude oil prices climb following the latest fighting in the Middle East, and tech stocks fall
NEW YORK (AP) — Oil prices are climbing following a weekend of attacks in the Middle East, while more losses for computer chip makers and other winners of the artificial-intelligence boom are yanking stock markets lower.
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U.S. Dollar Strengthens as Middle East Tensions Fuel Inflation Fears and Boost Rate Hike Expectations
The U.S. dollar strengthened against most major global currencies on Monday as renewed military conflict in the Middle East heightened concerns about rising inflation and ... The post U.S. Dollar Strengthens as Middle East Tensions Fuel Inflation Fears and Boost Rate Hike Expectations first appeared on [your]NEWS.
Oil prices negotiated on the international market rose again on Sunday night with renewed tension in the Middle East, in the face of the resumption of attacks between the United States and Iran and conflicting versions on the navigation of oil tankers by the Strait of Ormuz. Exclusive material for subscribers. To have full access, access the link of the material and register.
European shares slip on renewed US-Iran tensions
July 13 (Reuters) - European shares opened lower on Monday, after sharp losses last week, as escalating hostilities between the United States and Iran prompted Tehran to close the Strait of Hormuz, rattling investors. The pan-European STOXX 600 index...
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