Brent crude jumps as Iran reports two tankers struck in key shipping lane amid escalating US-Iran military actions.
Oil prices climbed sharply at the start of the week after Iran reported two tankers were mined and damaged in the Strait of Hormuz, a critical chokepoint for global crude shipments. The attacks follow a weekend of intensified US airstrikes on Iranian targets, raising fears of broader conflict disrupting supply routes.
The People’s Bank of China set its USD/CNY reference rate at 6.7948, weaker than the 6.7821 estimate, as the yuan faces pressure from a stronger US dollar. China also held its loan prime rates steady at 3.0% (1-year) and 3.5% (5-year), signaling caution amid slowing growth.
Asian currencies, particularly the Indian rupee, weakened against the dollar as oil’s rally stoked inflation concerns. South Korea announced plans to ease won access, aiming for a more freely convertible currency, while Japan’s yen remains on intervention watch amid thin liquidity.