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West Texas Intermediate (WTI) crude Oil edges higher on Tuesday as fresh attacks near the Strait of Hormuz threaten the recovery in shipping seen in recent weeks following the interim US-Iran peace deal. At the time of writing, WTI is trading around $70.44, up about 2.65% on the day. Iran has repeatedly stated that only vessels using its approved route through the Strait of Hormuz are considered safe and must coordinate with the Islamic Revolutionary Guard Corps (IRGC). Three tankers were hit in the Strait of Hormuz over the past 24 hours, according to the United Kingdom Maritime Trade Operations (UKMTO). The incidents have revived some of the geopolitical risk premium in the Oil market. Traders now turn their attention to Wednesday’s US Energy Information Administration (EIA) weekly inventory report. US crude inventories have fallen for ten straight weeks, pointing to a
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USD/CAD edges lower on Tuesday even as the US Dollar (USD) holds firm, with the Canadian Dollar (CAD) drawing support from a modest rebound in crude Oil prices following renewed attacks on commercial vessels near the Strait of Hormuz. At the time of writing, the pair is trading around 1.4188. West Texas Intermediate (WTI) crude Oil is trading around $70.30, up nearly 2.50% on the day. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is treading water near 101.00. However, diverging monetary policy expectations between the Federal Reserve (Fed) and the Bank of Canada (BoC) could limit further gains in the Canadian Dollar (CAD). Markets continue to expect the Fed to raise interest rates later this year to bring inflation back to its 2% target, even as softer-than-expected US labor market data have red
The revocation may escalate U.S.-Iran tensions, potentially disrupting oil supply and impacting global markets due to the Strait's significance.
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Khamenei's death may catalyze political shifts in Iran, affecting regional dynamics and increasing geopolitical tensions in the Middle East.
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The revocation may exacerbate geopolitical tensions, potentially disrupting global oil markets and driving up prices amid supply concerns.
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The waiver revocation may heighten U.S.-Iran tensions, complicating diplomatic efforts and reducing market confidence in a nuclear deal.
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The post New Zealand Dollar weakens amid firm US Dollar, RBNZ eyed appeared on BitcoinEthereumNews.com.
NZD/USD trades around 0.5685 at the time of writing on Tuesday, down 0.26% on the day. The pair remains under pressure as the US Dollar (USD) attracts renewed demand following fresh geopolitical tensions in the Middle East, while investors await the Reserve Bank of New Zealand’s (RBNZ) monetary policy decision. According to Bloomberg, citing a US official, Iran fired at least two missiles at commercial vessels transiting the Strait of Hormuz late Monday. Two ships sustained significant damage without any reported casualties, while the UK Maritime Trade Operations also confirmed that a tanker was struck by an unidentified projectile. The escalation in tensions has supported safe-haven flows and strengthened the US Dollar. Meanwhile, expectations for Federal Reserve (Fed) monetary policy continue to evolve following the recent slowdown in the US labor market. Investors now expect the F
The incident may hinder Qatar's mediation role, complicating US-Iran diplomatic efforts and affecting regional stability and market confidence.
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The post British Pound slips as Hormuz attacks revive USD demand appeared on BitcoinEthereumNews.com.
The Pound Sterling (GBP) retreats against the US Dollar (USD) on Tuesday as tensions in the Middle East rise, following reports of attacks on two ships in the Strait of Hormuz. The GBP/USD pair trades at 1.3373, down 0.11%. GBP/USD falls as Oil spike lifts Fed hike worries The Greenback remains steady after the Islamic Revolutionary Guard Corps (IRGC) attacked ships that attempted to pass through the Omani route, ignoring the IRGC’s repeated warnings. These developments underpinned Oil prices and consequently the US Dollar, as high energy prices could force the US Federal Reserve (Fed) to raise interest rates. The US Dollar Index (DXY), which measures the buck’s performance against six currencies, is up 0.05% at 100.93. Data from the US showed that the trade deficit widened in May, driven by a jump in imports and a decline in exports. The Goods and Services Trade Balance deficit came a
