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WTI Price Forecast: Buyers defend 21-day SMA as bullish bias holds
West Texas Intermediate (WTI) Oil trades modestly higher on Tuesday after two-way price swings, as headlines from the Middle East keep energy markets volatile. At the time of writing, WTI trades around $82.13, up more than 7% so far this week.
WTI Oil reverses course as Iran, Oman move closer on Hormuz talks
West Texas Intermediate (WTI) US Oil retreats on Tuesday, trading around $80.40 at the time of writing, down 1.28% on the day. The US benchmark gives back its previous gains after Qatar reported progress in negotiations between Iran and Oman regarding the Strait of Hormuz.
Japanese Yen struggles as impact of joint intervention fades
USD/JPY treads water on Tuesday as the Japanese Yen (JPY) struggles to find its footing, facing headwinds from a firmer US Dollar (USD) and elevated Oil prices. At the time of writing, the pair trades around 159.24 after hitting an intraday low of 158.92.
Qatar says Oman-Iran talks reach advanced stage
Talks between Oman and Iran have reached an advanced stage, Qatar’s Foreign Ministry spokesperson said on Tuesday.
Natural gas: European prices surge as LNG flows stall – ING
ING strategists Warren Patterson and Ewa Manthey report that European Natural gas benchmark TTF jumped over 9%, moving back above EUR60/MWh as hopes for a US–Iran deal fade.
NZD/USD Price Forecast: Focus shifts to 0.5850 support area as risk appetite fades
The New Zealand Dollar (NZD) nudges lower against a firmer US Dollar (USD) for the second consecutive day on Tuesday, as doubts about the fate of the US-Iran peace negotiations hurt market confidence and boost Oil prices higher.
WTI Oil hits fresh highs at $83.50 as Hormuz reopening hopes vanish
Oil prices rally for the second consecutive day on Tuesday, with the barrel of the US benchmark West Texas Intermediate (WTI) trading at $83.50 during the European trading session.
Brent: Inflation risks rise with Hormuz standoff – Deutsche Bank
Deutsche Bank strategists highlight that Brent Oil has broken above $85, closing near $88 as the Strait of Hormuz remains shut and rhetoric between the US and Iran escalates.
Euro falls against Canadian Dollar as US-Iran tensions heighten oil supply concerns
EUR/CAD continues its losing streak for the fifth consecutive day, trading around 1.6080 during the European hours on Tuesday. The Euro (EUR) is under pressure as rising risk aversion, driven by escalating US-Iran tensions, weighs on the cross.
US Dollar Index Price Forecast: Supported by rising Oil prices
The US Dollar (USD) extends its Monday recovery move on Tuesday, as rising Oil prices due to prolonged fears of energy supply disruption keep global inflation expectations de-anchored.
Equities: Risk sentiment holds despite oil and rates – Deutsche Bank
Deutsche Bank strategists report that US equities saw modest losses as Oil extended gains, with the S&P 500 easing slightly from record highs and chipmakers leading declines. Energy and health care outperformed.
Oil: Upside risks persist as deal optimism fades – ING
ING analysts Warren Patterson and Ewa Manthey note that Oil prices are firmer as optimism over a potential US–Iran deal fades, keeping supply risks elevated.
WTI Price Forecast: Refreshes weekly high at $82.70 as oil supply uncertainty deepens
West Texas Intermediate (WTI), futures on NYMEX, trade 1.55% higher at around $82.70 during the European trading session on Tuesday, the highest level seen in over a week.