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Oil: Prices jump on Hormuz tensions – MUFG
MUFG’s Michael Wan notes that Oil has spiked on renewed tensions in the Strait of Hormuz, even as Brent remains below US$85/bbl. He highlights Iran’s proposed restrictions on US and Israeli ships and regional conflict risks.
Oil: Volatile range trading outlook – Rabobank
Rabobank’s Joe DeLaura details how renewed United States (US)–Iran tensions and disruptions at the Strait of Hormuz have driven a sharp rally and subsequent correction in Brent and West Texas Intermediate (WTI).
Equities: Stocks pressured by higher yields and energy risks - Deutsche Bank
Deutsche Bank strategists notes that the S&P 500 slipped as geopolitical developments and higher yields pressured sentiment. Energy outperformed while industrials and materials lagged.
Brent: US-Iran tensions support prices – ING
ING analysts Warren Patterson and Ewa Manthey note renewed strength in Oil, with ICE Brent rallying back above $82/bbl as obstacles to a US-Iran deal persist. They highlight Iranian demands around the Strait of Hormuz and limited signs of compromise.
WTI Price Forecast: Growing internal war risks in Middle East support recovery to near $78
West Texas Intermediate (WTI), futures on NYMEX, extends Thursday’s recovery move slightly to near $77.80 during the day. The Oil price underperformed in the last two weeks on hopes of the Strait of Hormuz reopening, a critical chokepoint to almost 20% of global energy supply.
Indian Rupee drops on oil price bounce, US NFP in focus
The Indian Rupee (INR) falls slightly against the US Dollar (USD) on Friday in the countdown to the United States (US) Nonfarm Payrolls (NFP) data for July at 06:00 PM IST or 12:30 GMT.
Canadian Dollar weakens as safe-haven demand supports US Dollar
USD/CAD extends its gains for the second successive day, trading around 1.4020 during the Asian hours on Friday. The pair continues to gain ground as the US Dollar (USD) benefits from revived safe-haven demand.
WTI holds firm near $77.50 as escalating Middle East tensions threaten oil supply routes
West Texas Intermediate (WTI) oil price remains steady after registering modest gains in the previous day, trading around $77.50 per barrel during the Asian hours on Friday.
WTI climbs as Iran-Oman agreement details dampen optimism over Oil flows
West Texas Intermediate (WTI) Oil rebounds on Thursday as traders react to details of the proposed Iran-Oman agreement on the Strait of Hormuz. At the time of writing, WTI trades around $76.50 per barrel, up nearly 2.80% on the day.
Oman-Iran plan blocks US, Israeli ships from Hormuz – Fars News
Iranian Fars News agency revealed on Thursday details of a plan being negotiated by Iran and Oman to manage the Strait of Hormuz, under which ships belonging to the US, Israel and other “hostile” countries would be prohibited from transiting the waterway.
Canadian Dollar holds below 1.4000 as US and Canada jobs data loom
USD/CAD rebounds on Thursday after briefly slipping below the key 1.4000 support level, as the US Dollar (USD) snaps a two-day losing streak with traders repositioning ahead of Friday's employment reports from the United States (US) and Canada.
Oil: Hormuz risk repricing with fragile support – BNY
BNY’s Geoff Yu notes Oil prices have stabilized near $80 as markets digest Iran’s proposed shipping route with Oman through the Strait of Hormuz. The temporary arrangement has reduced perceived disruption risk for Brent and WTI, helped by larger U.S. inventories.
Silver Price Forecast: XAG/USD clings to gains near $62 with US NFP in focus
Silver price (XAG/USD) holds onto two-day gains at around $62.00 during the European trading session on Thursday. The white metal trades firmly amid hopes of a further decline in oil prices.