CRUDE WRAP: WTI (K6) SETTLES USD 0.07 LOWER AT USD 95.46/BBL; BRENT (K6) SETTLES USD 3.96 HIGHER AT USD 107.38/BBL
The WTI crude settling slightly lower while Brent gains significantly suggests a divergence in market sentiment influenced by geopolitical factors.
Israel identifies that the US is preparing to take control of the Strait of Hormuz - an operation that could prolong the war in a few weeks, Kan news reports
US FX WRAP: Dollar gains on hawkish Powell, Middle-East tensions and hot PPI
CRUDE WRAP: WTI (K6) SETTLES USD 0.07 LOWER AT USD 95.46/BBL; BRENT (K6) SETTLES USD 3.96 HIGHER AT USD 107.38/BBL
US diplomatic facility close to Baghdad airport is being targeted with rockets
Iran attacks LNG refinery in Bahrain, Fars reports; attack is ongoing
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The substantial rise in Brent could be driven by supply constraints or heightened geopolitical tensions, particularly concerning Middle East dynamics, which could impact global oil prices and inflation expectations moving forward.
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