Israel-Iran Strikes Escalate, Deepening Conflict Fears
Israel and Iran have been exchanging attacks, with Israel striking Tehran and Iran firing drones and missiles, resulting in deaths and injuries on both sides. Bloomberg's Onur Ant speaks on The Asia Trade about the ongoing conflict. (Source: Bloomberg)
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Yahoo
31 minutes ago
- Yahoo
Gold retreats as investors cash in after Iran-Israel conflict rally
Gold prices retreated on Monday as investors took profits following a sharp rally that had pushed the metal to a near two-month high. The surge had been triggered by escalating tensions in the Middle East, as clashes between Israel and Iran over the weekend raised concerns of a wider regional conflict. Gold futures lost 0.5% to $3,437.40 per ounce at the time of writing, while the spot gold price slipped 0.7% to $3,411.30 per ounce. "It's the joint political risk premium that's rising due to the Iran-Israel conflict at this point that has boosted safe-haven demand for gold," said Kelvin Wong, a senior market analyst, Asia Pacific, at OANDA. Read more: FTSE 100 LIVE: Markets and oil prices rise as Iran-Israel conflict enters fourth day "We have a clear break above $3,400 right now and the short-term uptrend is intact. We are seeing resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level." The latest uptick in gold prices came late last week after Israel launched strikes on Iranian territory, reportedly targeting nuclear facilities near Tehran. In response, Iran fired a volley of missiles at Israeli sites, including in Tel Aviv, its financial hub. Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. Oil prices extended their gains on Monday amid growing concerns that intensifying hostilities between Iran and Israel could disrupt global crude supply, particularly through the Strait of Hormuz, a key chokepoint for the energy market. Brent crude futures (BZ=F) climbed 0.7% to $74.75 a barrel, at the time of writing, while West Texas Intermediate futures (CL=F) rose 0.9 to $73.66 a barrel. "Buying was driven by the ongoing Israel-Iran conflict, with no resolution in sight," said Toshitaka Tazawa, an analyst at Fujitomi Securities. "But as seen last Friday, some selling emerged on concerns of overreaction." Iran, a member of OPEC, produces around 3.3 million barrels per day (bpd) of oil and exports more than 2 million bpd, much of it to China. While Iran itself contributes about 3% of global oil supply, analysts have raised the alarm over the potential for broader disruptions, particularly through the Strait of Hormuz. This narrow waterway along Iran's southern coast handles around 20% of the world's oil and liquefied waterborne natural gas. Read more: What to watch this week: Inflation, Bank of England interest rates, Accenture, Berkeley and Whitbread "If Iranian crude exports are disrupted, Chinese refiners, the sole buyers of Iranian barrels, would need to seek alternative grades from other Middle Eastern countries and Russian crudes," said Richard Joswick, head of near-term oil analysis at S&P Global Commodity Insights, in a note. "This could also boost freight rates and tanker insurance premiums, narrow the Brent-Dubai spread, and hurt refinery margins, particularly in Asia." The pound was steady against the dollar, just above the flatline at $1.3580, as traders held back ahead of a series of major central bank policy announcements. Attention is firmly on the US Federal Reserve, which is expected to hold interest rates steady at its meeting on Wednesday. The US dollar index ( which measures the greenback against a basket of six currencies, dropped 0.2% to $98.00. Investors are watching closely for any signals from the Fed on the timing and scale of possible rate cuts later this year. Futures markets suggest expectations for two rate cuts by year-end, possibly starting in September, bolstered by tame inflation data last week. Stocks: Create your watchlist and portfolio The Bank of England is also expected to keep rates on hold at its meeting on Thursday, maintaining a cautious stance following a rate cut in May. However, investors will be looking for clues as to whether slowing economic growth and easing wage pressures could prompt a faster pace of monetary easing. In other currency moves, the pound was lower against the euro (GBPEUR=X), trading at €1.1731 at the time of writing. More broadly, the FTSE 100 (^FTSE) was higher, up 0.2% to 8,866 points at the time writing. For more details, check our live coverage in to access your portfolio
USA Today
32 minutes ago
- USA Today
US stock futures higher as Israel-Iran conflict spikes oil prices
US stock futures higher as Israel-Iran conflict spikes oil prices Show Caption Hide Caption Global oil prices spike after Israeli strike on Iran Global oil prices surged after Israel launched a strike on Iran, escalating fears of wider conflict in the Middle East. unbranded - Newsworthy U.S. stock futures are higher even as fighting between Israel and Iran spiked oil prices. Futures linked to the blue-chip Dow rose 0.36%, while broad S&P 500 futures added 0.42% and tech-heavy Nasdaq futures gained 0.49%. Oil prices extended gains after Israel temporarily knocked out a natural gas processing facility and targeted fuel storage tanks during strikes over the weekend as part of its campaign against Tehran's nuclear program. Oil jumped by the most in three years late last week when Israel first attacked Iran and Iran fired back. Iran is considering shutting down the Strait of Hormuz, a senior commander said, but analysts were skeptical this would happen. "The closure of Hormuz is a low-risk event as Iran would be damaging its own position, both economically and politically, by irritating its main customer," said Natasha Kaneva, head of global commodities research at JP Morgan, in a note late last main players in the Middle East have strong incentives to keep the conflict contained given the economic transformation currently planned and implemented in the Gulf region requires a sustained absence of conflict." Separtely, President Donald Trump warned Iran not to touch U.S. targets or else it could face the "full strength and might" of the American military. Oil prices, inflation and the Fed If the Israel-Iran conflict causes oil prices to continue surging, inflation will jump and consumers will pay the price. The price of oil makes up about half the price of a gallon of gas, so one of the first things to be affected by rising oil prices would be prices at the pump. But oil also affects the cost of producing things and transporting them to your local store, so even consumers who don't drive or use public transportation will eventually feel the squeeze of more expensive oil one way or another. The threat of inflation will likely keep the Federal Reserve on hold, economists said. Almost no one forecasts a rate cut when the Fed wraps up its two-day policy meeting mid-week, according to the CME Fed Watch tool that tracks the odds the market puts on a rate move at each Fed meeting. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
Bloomberg
32 minutes ago
- Bloomberg
Bloomberg Daybreak: Israeli Strikes Intensify
On today's podcast: 1) Hostilities between Israel and Iran entered a fourth day on Monday with no sign of easing, stoking fears of a wider war in the oil-rich region. 2) The man suspected of killing a Democratic state lawmaker and her husband in Minnesota has been taken into custody, the Ramsey County Sheriff's Office said. 3) J.J. Spaun endured the toughest test in golf on the toughest course in America in the worst kind of conditions. And then he turned this miserable, wet Sunday at Oakmont into a finish as memorable as any in the U.S. Open.
