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Forex Today: Oil prices rise further, keeping markets on edge
Here is what you need to know on Monday, July 20:
WTI Oil climbs to fresh one-month highs near $84.00 as Iran’s War escalates
Oil prices jumped on Monday as US and Iran hostilities escalated, threatening an all-out war, which keeps the Strait of Hormuz closed for sea traffic.
Oil: Disruptions lift prices and speculative longs – ING
ING analysts Warren Patterson and Ewa Manthey note that Brent Oil has broken above US$90 as escalating conflict in the Persian Gulf and potential chokepoint closures disrupt vessel flows.
Japanese Yen underperforms as Middle East conflicts intensify
The Japanese Yen (JPY) trades lower against its major currency peers, but is marginally higher against the US Dollar (USD) at around 162.35 during the early European trading session on Monday.
Indian Rupee struggles for comeback amid continued FIIs selling
The Indian Rupee (INR) trades slightly lower against the US Dollar (USD) in late trading hours on Monday. The USD/INR pair is mildly higher to near 96.46 at the time of writing as the consistent outflow of foreign funds from the Indian stock market is hurting the Indian currency.
WTI Price Forecast: Bulls retain control near one-month high, around $83.50 on Iran risks
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a positive note and touches a fresh high since June 12, around the $84.40-$84.45 region, during the Asian session.
Canadian Dollar edges higher to near 1.4000 as crude oil gains
The USD/CAD pair extends its downside to near 1.4005 during the Asian trading hours on Monday. Rising crude oil prices provide some support to the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).
US President Donald Trump says US hitting Iran 'very hard’
US President Donald Trump said that the latest US strikes on Iran were being carried out in honour of US service members killed in recent days, the Guardian reported on Monday.Â
WTI surges above $83.00 amid escalating US-Iran conflict
West Texas Intermediate (WTI) oil price opened at a bullish gap, trading around $83.50 per barrel during the Asian hours on Monday.
United States Baker Hughes US Oil Rig Count above forecasts (446): Actual (452)
United States Baker Hughes US Oil Rig Count above forecasts (446): Actual (452)
WTI Oil rallies above $81 as Middle East tensions threaten global Oil supplies
West Texas Intermediate (WTI) trades around $81.10 at the time of writing on Friday, up 2.76% on the day, and is heading for a weekly gain of more than 13% as geopolitical tensions in the Middle East continue to escalate.
Japanese Yen struggles as higher Oil prices and a wide US-Japan rate gap weigh
USD/JPY trades flat on Friday, holding near four-decade highs as the Japanese Yen struggles to attract buyers amid persistent headwinds, including higher Oil prices, Japan’s wide interest-rate gap with other major economies and a resilient US Dollar (USD).
Brent: Oil risks rise on Bab al-Mandab threat – Commerzbank
Commerzbank’s commodity team highlights renewed geopolitical risks for Oil as Iran again threatens to block the Strait of Bab al-Mandab, a key route for Saudi exports rerouted from the Strait of Hormuz.