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WTI Oil drops sharply after Bessent signals an imminent Iran deal
West Texas Intermediate (WTI) US Oil is falling sharply on Tuesday, trading around $75.70 per barrel at the time of writing, down 3.91% on the day and at its lowest level in the last three weeks.
British Pound rebounds as soft JOLTS and Oil decline pressure USD
The Pound Sterling (GBP) recovers some ground against the US Dollar (USD) on Tuesday, up 0.14%, as US jobs data was softer than expected but confirmed the strength of the labor market, with layoffs being little changed. The GBP/USD pair trades at 1.3451 after rebounding from 1.3419.
Euro holds above 1.1500 on Hormuz reopening hopes and softer US jobs data
EUR/USD holds firm above 1.1500 on Tuesday as traders assess the latest developments surrounding US-Iran talks and the possible reopening of the Strait of Hormuz.
Gold recovers as Hormuz reopening hopes drag US Dollar, Oil prices lower
Gold (XAU/USD) catches a fresh bid on Tuesday as traders react to encouraging headlines about the possible reopening of the Strait of Hormuz. At the time of writing, XAU/USD trades around $4,087, recovering from an intraday low near $4,042.
Canadian Dollar weakens as Oil prices slide on US-Iran deal hopes
USD/CAD reverses its earlier losses on Tuesday as falling Oil prices weigh on the commodity-linked Canadian Dollar (CAD) following comments from US Treasury Secretary Scott Bessent on US-Iran talks.
US Treasury Secretary Bessent says Hormuz deal nears as Oil prices tumble
US Treasury Secretary Scott Bessent said in a CNBC interview on Tuesday that a deal with Iran to reopen the Strait of Hormuz could be reached as soon as Tuesday or Wednesday. He added that he expects energy prices to "settle back down".
Natural gas: Tight market but less stressed – ING
ING’s commodities team points out that European gas prices fell, with TTF down modestly, as the market digests storage and demand trends.
Oil: Supply resilience and geopolitical risks – BNY
BNY's Geoff Yu reports that Saudi Aramco sees no material operational or financial impact from July attacks, with alternative pipelines, storage and export terminals preserving output.
Euro holds ground as Eurozone growth data offsets oil-driven CAD gains
EUR/CAD remains stronger for the eighth consecutive day, trading around 1.6170 during the European hours on Tuesday. The currency cross is holding its ground as the Euro (EUR) gains support from an uptick in market risk sentiment.
USD/CAD Price Forecast: Forming a triangle pattern above 1.4000 support area
The US Dollar (USD) stalls at the 1.4050 area against the Canadian Dollar (CAD) on Tuesday. The pair’s rebound from last week’s lows at the 1.3990 area failed to find follow-through above 1.4060, which leaves price action treading towards the peak of a descending triangle pattern.
Brent: Sharp drop questions supply fears – Rabobank
Rabobank’s Senior Market Strategist Benjamin Picton notes Brent futures fell over 7% and Singapore gasoil nearly 11%, despite ongoing geopolitical and logistical disruptions to Oil and refined products.
Oil: Deal optimism drives sharp selloff – ING
ING strategists Warren Patterson and Ewa Manthey note that Oil prices, including ICE Brent, fell sharply on optimism over a potential US–Iran Middle East deal.
Saudi Aramco CEO Nasser: Middle East crisis continues to aggravate supply shock
Saudi Aramco CEO Amin H. Nasser said during the European trading session on Tuesday that the ongoing geopolitical crisis continues to aggravate the biggest supply shock in history.