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[MARKET UPDATE] Crude lifts back towards earlier highs, equities dented and the USD lifted on reports that two missiles hit a US patrol boat

The headlines indicate rising geopolitical tensions, particularly with Iran, which are impacting crude oil prices and the USD.

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[MARKET UPDATE] Crude lifts back towards earlier highs, equities dented and the USD lifted on reports that two missiles hit a US patrol boat

Two missiles hit a US patrol boat, after earlier warnings were disregarded, Fars News Agency reports citing local sources. Incident occurred in proximity to the Jask island.

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  • Note, some of the moves are potentially being driven by wider reporting around the new Iranian control zone in the Strait of Hormuz, an updated reported at 09:45BST.
  • Note, this has lifted USD/JPY above 157.00; desk is attentive to any potential intervention around/above this level given action in recent sessions.
Context

Elevated concerns surrounding missile strikes on a US patrol boat have resulted in a flight to safety, benefiting the dollar and hitting equities. Traders should monitor the potential for further USD/JPY intervention as it surpasses significant technical levels.

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