Oil jumped after an Israeli attack in Qatar escalated the conflict in the Middle East, the source of about a third of the world's supplies, increasing the geopolitical risk premium for crude. West Texas Intermediate climbed about 1.5% to top $63 a barrel after the Israel Defense Forces conducted a strike in Doha targeting the senior leadership of Hamas, which has been declared a terrorist group by the US and Europe. Several blasts were heard in the city, according to media reports, and Qatar said the attack violated international law. The strike is the first...
Gold prices advanced to a record high on Tuesday amid rising optimism that the Federal Reserve is set to kick off what will likely be a series of interest rate reductions. Gold futures rose 0.2% to $3,683.70 per ounce, having traded above $3,700 earlier in the session. Spot gold was last up 0.3% at $3,645.73 per ounce, down from as high as $3,674.09. "Prices have been rising for three consecutive sessions, supported by increased bets on a wave of (Fed) rate cuts this year," ING said in a Tuesday note. The safe haven asset's price has soared about 40% since the start of the year, according...
A Bloomberg gauge of the dollar rose late in New York trading alongside Treasury yields as investors look to the release of CPI data this week to gauge the Fed's rate-cutting path. Earlier, the yen rallied on a report that Bank of Japan officials may raise interest rates again this year regardless of domestic political instability. The Bloomberg Dollar Spot Index gains 0.2%, earlier whipsawing after release of preliminary payroll revisions. USD/JPY drops as much as 0.8% to 146.31, the lowest since Aug. 14, then erases most of the decline. Liberal Democratic...
Crude futures recover more of last week's losses as continued fighting between Russia and Ukraine keep alive expectations of greater U.S. sanctions and supply disruptions. An Israeli air strike targeting the Hamas leadership in Qatar also raises geopolitical risk in the Middle East, Jorge Leon, Rystad's head of geopolitical analysis, says in a note. "Recent diplomatic initiatives led by the U.S. and Qatar have been dealt a major setback," he says. Much could depend on the response of Qatar, a close U.S. ally and Gulf Cooperation Council member, he adds. "Any fallout could amplify tensions...
Oil rose for a third session after President Donald Trump told European Union officials he's willing to slap new tariffs on India and China in an effort to get Russia to negotiate with Ukraine. However, it came with a caveat — Trump will only impose levies if EU nations do so as well. West Texas Intermediate climbed to trade near $63 a barrel during early Asian trading, while Brent closed above $66 on Tuesday. Futures gained in the previous session after Israel conducted a strike in Doha targeting senior Hamas leadership, raising concerns about escalating...