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[MARKET ANALYSIS] Crude unfazed by fresh IRGC strikes on commerical ships

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[MARKET ANALYSIS] Crude unfazed by fresh IRGC strikes on commerical ships

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  • Crude futures are edging higher but remain in relatively tight ranges despite multiple reports that Iran’s IRGC has struck two commercial ships and caused significant damage. Further reporting stated that the Qatari tanker was using the Omani route through Hormuz with the assistance of the US Navy and ignored repeated warnings. WTI oscillates in a USD 68.58-68.96/bbl range and well within the prior day’s boundaries. In other news in the Strait, two Japanese supertankers carrying Saudi crude were heading to the Strait to exit the Gulf, according to data. 
  • Precious Metals trade on the softer side, with spot silver (-1.8%) leading losses. For its yellow metal counterpart, it currently trades at its session low and is extending lower, at the time of writing, nearing USD 4100/oz. An update out of China, the Hong Kong chief executive announced the launch of a central clearing system for gold. 
  • 3M LME Copper opens lower amid the risk-off tone, driven by the selloff in Asia-Pacific equities.

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