Oil prices rose at this evening’s futures open after renewed escalation of attacks by Iran and its proxies in the Middle East.
WTI is pushing back up towards Friday’s highs.
This move comes as President Trump claims that Russia and Ukraine have agreed to an ‘energy ceasefire’ which may just stabilize diesel prices around the world, but does nothing for exponentially rising tanker rates and the tightness in the physical oil markets.
Treasury markets are closed Monday, silencing the one cross-asset signal that typically anchors risk sentiment – meaning there will be no (cash) bond market verdict on what this weekend of renewed and re-escalated violence wrought.
“In quieter conditions, geopolitical headlines can often have an outsized impact,” Nick Twidale, chief market analyst at AT Global Markets in Sydney, wrote in a note to clients. But with the US inflation reading, several central bank speakers and the start of another US earnings season this week, “there will be plenty for markets to digest,” he wrote.
Dramatic Videos Show Several Tankers On Fire In Strait Of Hormuz This Weekend
Yet another tanker has been struck in the Strait of Hormuz on Sunday, which brings the total number to at least two or possibly as many as three suffering damage in the last 24 hours, chiefly from sea mines.
A slew of videos showing tankers striking mines have emerged on social media over the weekend, at a moment attacks on international vessels by Iranian forces are surging to wartime highs…
