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Oil surges as Iran-UAE strikes and Hormuz risks fuel supply fears
Western Texas Intermediate (WTI), the US crude oil benchmark soars sharply more than 3% amid an ongoing escalation in the Middle East, as Iran launched attacks on the United Arab Emirates, while sources cited by CNN in Dubai said that they expect attacks on Iran by the US and Israel in the next 24 hSilver price declines on strong Dollar, higher yields amid Middle East risk
Silver (XAG/USD) starts the week on a negative note, trading around $73.50 at the time of writing, down 2.41% on Monday. The white metal is facing profit-taking amid a strengthening US Dollar (USD) and rising US Treasury yields.
Fxstreet
Mon, May 4
Gold declines as hawkish interest rate outlook and firm US Dollar weigh
Gold (XAU/USDS) kicks off the week under pressure, hovering near one-month lows as hawkish interest rate expectations continue to weigh on the non-yielding metal amid ongoing tensions in the Middle East. At the time of writing, XAU/USD is trading around $4,560, down nearly 1.10% on the day.Fxstreet
Mon, May 4
Brent: Higher prices needed as Hormuz stays shut – OCBC
OCBC strategists Sim Moh Siong and Christopher Wong highlight that Brent briefly topped USD126 as the Strait of Hormuz closure and inventory drawdowns tightened supply, but optimism on a US–Iran deal has recently weighed on prices.Fxstreet
Mon, May 4
Oil: Conflict-driven gains fuel inflation risks – Danske Bank
Danske Research Team underlines that the US–Iran conflict and closure risks in the Strait of Hormuz are heavily impacting energy markets. US gasoline prices have surged nearly 50% since hostilities began, and higher Oil prices are pressuring global bond yields and inflation expectations.WTI Oil rises towards $100 after Trump vows to free Hormuz ships
Crude prices appreciate again on Monday despite US President Donald Trump’s pledge to rescue Hormuz vessels. The US benchmark West Texas Intermediate (WTI) barrel trades at $99.40 at the time of writing, about $3 up from the daily opening price of $96.46.Gold declines to near $4,600 amid escalating Middle East tensions
Gold price (XAU/USD) trades with mild losses around $4,605 during the early Asian trading hours on Monday. Traders will closely monitor the developments surrounding the ongoing geopolitical tensions. Federal Reserve (Fed) Bank of New York President John Williams is set to speak later on Monday.Fxstreet
Mon, May 4
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