WTI crude rises 3.5% to $73.90 amid halted shipping and escalating Middle East tensions ahead of US CPI data.
Oil prices extended gains as US-Iran tensions kept the Strait of Hormuz closed, halting critical shipping routes. WTI crude rose 3.5% to $73.90, consolidating near recent highs amid ongoing military exchanges and stalled diplomatic efforts between the two nations.
European equities edged higher, while S&P 500 futures slipped 0.3%. The NZD led currency moves, with the JPY lagging. US 10-year yields ticked up 1 bps to 4.579%, and gold fell 1.4% to $4,063. Bitcoin declined 2% to $62,863.
Markets remained focused on Middle East developments, though attention is shifting toward this week’s US CPI report. The Fed’s Williams indicated support for rate hikes if monthly core inflation exceeds 0.2% on average, adding to policy uncertainty.