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WTI climbs above $95.50 as Iran says the Strait of Hormuz must remain closed
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.
Iran’s Mojtaba Khamenei says Strait of Hormuz must remain closed as tool to pressure enemy
Iran’s new supreme leader, Mojtaba Khamenei, said in his first public statement since being appointed that the closure of the Strait of Hormuz maritime passage should be continued as a “tool to pressure the enemy,” CNBC reported on Thursday.
WTI rallies sharply on Strait of Hormuz tensions, technicals point to further upside
West Texas Intermediate (WTI) crude Oil continues to experience extreme volatility, with prices rising more than 7.5% on Thursday as traders grow increasingly concerned about prolonged supply disruptions through the Strait of Hormuz amid the ongoing US-Iran war.Iran Supreme Leader Mojtaba Khamenei: Closure of Strait of Hormuz should continue to pressure enemy
The new Supreme Leader of Iran, Mojtaba Khamenei, issued his first statement, which was shared on Iranian TV. Khamenei said that attacks on neighboring bases will inevitably continue and that Iran will not refrain from avenging the blood of its martyrs.US signals SPR swaps amid Hormuz tension, Oil prices remain supported
In interviews with CNBC and CNN reported by Reuters, US Energy Secretary Chris Wright said that any release of Oil from the Strategic Petroleum Reserve (SPR) would likely take the form of swaps, designed to address short-term supply disruptions without direct costs to taxpayers.Silver: Chinese demand offsets Western caution – TD Securities
TD Securities Senior Commodity Strategist Daniel Ghali notes that Shanghai silver arbitrage signals strong Chinese demand, contrasting with cautious Western investors after the Iran conflict. London OTC markets are still absorbing flows and lease rates point to better availability.
Fxstreet
Thu, Mar 12
Gold trades sideways as traders weigh geopolitics and Fed outlook
Gold (XAU/USD) recovers earlier losses and trades broadly flat on Thursday as the US Dollar (USD) pauses its intraday advance and Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,170, rebounding from intraday lows near $5,125.Fxstreet
Thu, Mar 12
Brent: Range trade after sharp oil spike – Societe Generale
Societe Generale analysts describe Brent as having broken out of a large base and accelerated towards $120 before a steep pullback. The contract is holding above $81, with an upside gap near $93.80 and the $120 pivot high seen as a key hurdle.Fxstreet
Thu, Mar 12
Aluminium: Middle East risks keep market tight – ING
ING strategists Warren Patterson and Ewa Manthey report LME Aluminium trading near four-year highs as Middle East conflict-driven supply risks support prices. Rising cancelled warrants and accelerating stock withdrawals point to growing physical tightness, particularly at Port Klang.Fxstreet
Thu, Mar 12
Goldman Sachs Raises Oil Price Forecasts and Warns Oil May Break All-Time Highs if Strait of Hormuz Disruption Persists
TradingKey — As tensions in the Middle East continue to escalate, energy market concerns over supply disruptions are rapidly intensifying. Goldman Sachs’ latest report has raised its crude oil price forecasts, warning that if oil shipments through the Strait of Hormuz are blocked for a prolonged period, international oil prices could approach or even surpass their 2008 historical peak.TradingKey
Thu, Mar 12
Oil: Reserve release impact weighed against Hormuz risk – MUFG
MUFG’s Senior Currency Analyst Lloyd Chan highlights that Brent Oil has risen above US$90/bbl as supply risks from Iraq and the Strait of Hormuz overshadow the International Energy Agency’s record 400 million barrel emergency reserve release.Fxstreet
Thu, Mar 12
Oil: Supply shock fears offset IEA release – Commerzbank
Commerzbank strategists note that Oil and Brent prices extended gains even after the IEA agreed a record emergency release, as markets focus on hostilities around the Strait of Hormuz and potential US policy shifts to boost production.Fxstreet
Thu, Mar 12
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