Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose above $67 per barrel, after falling 1.7% on Thursday. The attacks have halted operations at Primorsk, the region's main oil loading port, and three pumping stations that deliver crude to the Ust-Luga hub, a source familiar with the situation said. This increased risk premium offsets the International Energy Agency's (IEA) projection for a record-breaking oil supply surplus next year. The IEA's...
Oil prices rose over 1% on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong U.S. demand, and as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude futures were up 82 cents, or 1.2%, at $67.96 a barrel at 10:54 a.m. EDT. U.S. West Texas Intermediate (WTI) crude was up 83 cents, or 1.3%, to $65.20. On Tuesday, Brent settled at its lowest since June 10 and WTI at its lowest since June 5. Oil prices rose after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities. Prices...
Silver (XAG/USD) is showing muted price action on Wednesday, slipping modestly lower but staying within Tuesday's range. At the time of writing, the metal is trading around $35.75 during the American session, down roughly 0.46% on the day. The subdued movement reflects fading safe-haven demand, as signs of easing geopolitical tensions — particularly the truce between Iran and Israel — have cooled the recent risk premium that helped drive Silver to multi-year highs. Silver is showing early signs of technical fatigue after a strong multi-week uptrend that saw the metal climb from sub-$30...
The dollar index was at the 98 mark on Wednesday, halting the slide that tested three-year lows yesterday as markets continued to assess the monetary policy outlook for the Federal Reserve. In his first testimony before Congress, Chairman Powell noted that the uncertain economic backdrop drove FOMC members to wait for clarity on trade policy before committing to a specific rate path. Still, Powell noted that the lack of tariffs favor the continuation of a disinflationary outlook, favoring rate cuts should the White House refrain from reintroducing tariffs on the July 9th deadline. In the...
Oil prices recovered a little on Wednesday after slumping earlier this week, as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from data that showed U.S. demand was relatively strong. Brent crude futures were up 63 cents, or 0.9%, at $67.77 a barrel at 1050 GMT, while U.S. West Texas Intermediate (WTI) crude was up 60 cents, or 0.9%, to $64.97. Brent settled on Tuesday at its lowest since June 10 and WTI at its lowest since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June...
Gold (XAU/USD) is trading within a tight range on Wednesday, as markets continue to show signs of optimism following Tuesday's ceasefire between Israel and Iran. At the time of writing, Gold is holding above $3,300 during the European session, with volatility remaining subdued. Market focus is now on key US macroeconomic releases and the second day of testimony from Federal Reserve Chair Jerome Powell. With tensions in the Middle East appearing to remain subdued, Wednesday's economic data releases and comments from Powell could serve as an additional catalyst for Bullion. US New Home...
The Pound Sterling (GBP) holds onto gains near a fresh three-year high around 1.3650 against the US Dollar (USD) during European trading hours on Wednesday. The GBP/USD pair strengthens as the US Dollar continues to underperform its peers, as its safe-haven demand has diminished significantly after the announcement of a ceasefire between Israel and Iran on Tuesday. During the European trading session, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, struggles to hold the weekly low around 98.00. On Tuesday, United States (US) President Donald...
The U.S. dollar edged higher Wednesday, but was struggling to regain lost ground as the fragile truce between Israel and Iran saw investors take on risk to the detriment of this safe haven. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.2% to 97.665, but remained near multu-week lows. Dollar awaits Powell, part II The greenback initially benefited from increased safe haven demand following weekend U.S. strikes against Iran, but this trend was largely reversed by U.S. President Donald Trump's announcement of the...
Oil prices climbed on Wednesday as investors assessed the stability of a ceasefire between Iran and Israel, while support also came from market expectations that interest rate cuts could happen soon in the United States, the world's largest economy. Brent crude futures rose $1.2, or 1.8%, to $68.34 a barrel at 0701 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.18 cents, or 1.8%, to $65.55. Brent settled on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on key Iranian military and nuclear facilities on June 13. Prices...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....