Oil prices surge amid US-Iran tensions
US president Trump stated that Iran wants to make a deal, sparking cautious market reactions. WTI crude oil prices rose to $74.01, while the US 10-year yield increased by 2 bps.
The European session saw mixed market movements, with the NZD leading and the USD and CAD lagging. The S&P 500 futures were up 0.2%, and gold prices increased by 0.7% to $4,105.
The ECB noted that it cannot adjust monetary policy in response to every geopolitical development, and all members viewed risks to inflation outlook as being to the upside. Bitcoin prices also rose by 1% to $62,704.
The market remains cautious, with oil prices volatile and trading at around $72.40 at one point, as the US and Iran continue to exchange strikes against each other.