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Iran warns US against Hormuz transit
Iran’s top joint military command issued a series of warnings on Monday over the Strait of Hormuz, saying any unauthorized United States (US) transit would be confronted and cautioning neighboring countries against supporting Washington.
Oil: Markets price renewed Hormuz risks – Rabobank
Rabobank strategist Michael Every discusses rising geopolitical risks around the Strait of Hormuz after the apparent collapse of a US-Iran memorandum of understanding. Every notes both sides are now striking each other, with United States (US) strategy shifting to escorted energy flows.
Euro recovers early losses against Canadian Dollar, BoC policy eyed
The Euro (EUR) claws back its early losses and turns slightly positive at around 1.6170 against the Canadian Dollar (CAD) during the European trading session on Monday. The cross bounces back as the Euro strengthens amid hopes that the ongoing aggression in the Middle East won’t be prolonged.
Brent: Rebound tests key resistance – Societe Generale
Societe Generale’s Kenneth Broux notes that Brent has sharply rebounded after defending the late-February low around $69 and is now testing the 200-day moving average and a descending trendline.
WTI Oil holds below $75.00 despite the deteriorating Middle East conflict
Speculative traders seem reluctant to jump on the Crude Oil rally despite the escalating tensions in the Middle East and the closure of the Strait of Hormuz.
USD/CAD Price Forecast: Higher Oil prices strengthen Canadian Dollar
The Canadian Dollar (CAD) trades firmly against its major currency peers, but is flat at around 1.4160 against the US Dollar (USD) during the European trading session on Monday.
Brent: Geopolitics lift prices as speculators stay cautious – ING
ING analysts Warren Patterson and Ewa Manthey note that Brent Oil prices have risen sharply as tensions escalate in the Persian Gulf and transit through the Strait of Hormuz slows. They highlight that speculators have trimmed net long positions in ICE Brent despite higher prices.
Canadian Dollar: Strong US Dollar and oil outlook weigh – Commerzbank
Commerzbank’s Michael Pfister notes that recent Canadian labour data and a new US-Canada bridge agreement are not the main drivers of USD/CAD above 1.41.
Australian Dollar underperforms amid cautious market mood
The Australian Dollar (AUD) underperforms its major currency peers, trading 0.32% lower to near 0.6930 against the US Dollar (USD) during the early European trading session at the start of the week.
Indian Rupee weakens amid surging Oil prices, India's CPI rises strongly
The Indian Rupee (INR) trades significantly lower against the US Dollar (USD) on Monday. The USD/INR jumps to over a six-week high around 95.70 as renewed Middle East hostilities have strengthened oil prices.
WTI Price Forecast: Climbs above $74.00; bearish bias intact below 23.6% Fibo./200-EMA
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – builds on its modest bullish gap opening and climbs above the $74.00 mark during the Asian session on Monday.
WTI surges above $74.00 as US-Iran strikes reignite Hormuz risks
West Texas Intermediate (WTI) oil price rises after two days of losses, trading around $74.20 during the Asian hours on Monday.
US military says it launched fresh strikes against Iran on Sunday
The US Central Command (CENTCOM) said that it launched additional strikes against Iran on Sunday aimed at further weakening the Islamic Republic’s ability to strike civilian vessels transiting the Strait of Hormuz, Bloomberg reported.Â