[MARKET ANALYSIS] Oil prices take a breather after a double-digit rally as Iran digs in on Strait of Hormuz closure
Oil prices are experiencing a pause following a significant rally, primarily due to heightened tensions surrounding the Strait of Hormuz as Iran's leadership asserts the need for its continued closure.
US President Trump is to sign executive orders on Friday at 14:00EDT/18:00GMT
[MARKET ANALYSIS] T-note futures attempt to nurse losses after recently bear flattening on oil price pressures
[MARKET ANALYSIS] Oil prices take a breather after a double-digit rally as Iran digs in on Strait of Hormuz closure
Saudi Arabia says 10 more drones were intercepted over the east of the country
China’s Middle East envoy said red lines on civilian protection must not be crossed, non-military targets should not be attacked and shipping lanes must remain safe
Open the platform and use it. The whole workspace is free to try, with no signup and no card. When you want the headlines arriving live instead of on a delay, Newsquawk Pro is £24.99 for 7 days.
WTI/Brent: WTI Apr'26 +0.2% / Brent May'26 +0.2%
- Takes a breather overnight after rallying by double-digit percentages yesterday as Iran's Supreme Leader dug in regarding the Strait of Hormuz closure, which he said should be continued and threatened that other fronts will be opened if the war persists. However, further upside is contained overnight after the US issued a new Russia-related general license permitting the sale of Russian crude oil and petroleum products loaded on vessels.
Gold: +0.9%
- Gradually clawed some of the prior day's losses after suffering from a firmer dollar and as rising oil prices further unwound Fed rate cut bets.
Copper: -0.3%
- Trades lower but is off the prior day's trough with demand dampened amid the cautious mood and with the US initiating more Section 301 investigations.
This geopolitical stress is juxtaposed with the easing impact from U.S. regulatory changes allowing Russian oil sales, indicating a complex balance between regional risks and supply-side dynamics that could affect pricing and trader sentiment moving forward.
Related headlines
- [MARKET ANALYSIS] Crude takes a breather after a choppy mid-week; metals mixed1 hour ago
- EUROPEAN OPEN: EZJ LN & ITH LN join FTSE 100, ENT LN & PSN LN to leave; DTE GY faces Elliott push against TMUS merger; VOD LN to launch first UK TV service; SHEL LN acquires BP/ LN stakes in offshore blocks2 hours ago
- US Daily Equity Opening News - MSFT to report quarterly Azure sales; AVGO slips on outlook; HPE falls amid supply constraints; VRNS in take-private talks; Elliott urges DTEGY to reconsider TMUS merger; DEC to acquire Birch Resources for USD 1.8bln1 hour ago
- [MARKET ANALYSIS] Yields slip off best levels as energy benchmarks edge lower; JGBs in focus following a GPIF meeting and BoJ sources1 hour ago
- [MARKET ANALYSIS] European bourses tilt higher, Elliott reportedly pushes DTE GY to scrap TMUS merger; AVGO misses Q4 guidance estimates1 hour ago
- [MARKET ANALYSIS] Asia-Pac stocks took impetus from the rebound on Wall St as yields eased6 hours ago
- Russian President Putin says that Russia and Ukraine should agree first; he notes that there is an opportunity to reach a peace agreement1 hour ago
- Russian President Putin says attacks on three oil refineries have been repelled; adds that Russia must respond in kind54 min ago
- Russian Deputy PM Novak says OPEC's role in the market remains important; will continue to exert significant influence on the oil market because of its high output4 hours ago
- [MARKET ANALYSIS] JPY rallies against all G10 peers, most pronounced against USD into payrolls on Friday2 hours ago
- India's Trade Minister says final trade agreement between US and India will be published as soon as the US can provide India with tariff advantages 3 hours ago
- [MARKET ANALYSIS] Dollar is marginally softer with a mixed performance against major peers, while JPY continues its outperforms despite no obvious news catalysts6 hours ago
- [MARKET UPDATE] Yen strength continues with USD/JPY below 157.50, EUR/JPY below 183.00 - no headline driver but traders cite increased BoJ hike bets3 hours ago
- UAE President received a phone call from US Presiednt Trump; the two discussed cooperation and developments in the Middle East, WAM reports4 hours ago
- [MARKET UPATE] Further JPY strength with EUR/JPY below 182, USD/JPY beneath 157 to a 156.63 base, surpassing 7th August low2 hours ago
- PRE-MARKET INDIAN STOCKS NEWS: Oil and Natural Gas Corporation (ONGC IS) international investment arm sent a team to Venezuela to review assets after receiving clearance from the US6 hours ago
- India and China could hold talks on the sidelines of BRICS summit, Indian Trade Minister says 2 hours ago
- BoJ accounts show there was no large-scale yen intervention on Wednesday53 min ago
- BoJ is reportedly favouring 25bps hike and a flexible future pace, sources suggest2 hours ago
- European Equity pre-Market Summary - 3rd September 2026: Choppy Asia-Pac trade as South Korean chip names fall in late trade3 hours ago
The whole workspace, free to try.
Try it free