Brent expands gains to over 4% and passes the $76 barrier
Oil prices surged on Tuesday amid persistent concerns about the Iran-Israel tensions, and with Trump’s repeated threats against Tehran, with US crude expanding gains before inventory data.
Markets were concerned after US President Trump urged Iranians to evacuate Tehran on Tuesday, coinciding with his early leave from the G7 meeting in Canada.
Trump is now convening with his national security advisers to potentially discuss an intervention against Tehran on behalf of Israel.
Trump warned that his patience is running out, and urged Iran to completely withdraw from its nuclear program.
On trading, Brent August futures rose 4.4%, or $3.22 to $76.45 a barrel.
US July futures surged 4.28%, or $3.07 to $74.84 a barrel.
Ripple sharpens decline and marks a 6% loss
Most cryptocurrencies fell on Tuesday amid mounting geopolitical tensions in the Middle East, and with increasing odds of a US military intervention against Iran.
Recent data showed US retail sales fell 0.9% m/m to $715.4 billion in May, while analysts expected a 0.6% drop, as auto sales drop following Trump’s tariffs.
Later today, the Federal Reserve will convene and discuss policies, and will announce its decision tomorrow, widely expected to hold interest rates unchanged at below 4.5%.
Markets were concerned after US President Trump urged Iranians to evacuate Tehran on Tuesday, coinciding with his early leave from the G7 meeting in Canada.
Trump is now convening with his national security advisers to potentially discuss an intervention against Tehran on behalf of Israel.
Ripple
Ripple tumbled 5.8% on Coinmarketcap as of 20:35 GMT to $2.19.
US dollar rebounds before Fed's policy decision
The US dollar rose against most major rivals as traders assess latest geopolitical developments in the Middle East, and before the Fed’s policy decision.
Recent data showed US retail sales fell 0.9% m/m to $715.4 billion in May, while analysts expected a 0.6% drop, as auto sales drop following Trump’s tariffs.
Later today, the Federal Reserve will convene and discuss policies, and will announce its decision tomorrow, widely expected to hold interest rates unchanged at below 4.5%.
Markets were concerned after US President Trump urged Iranians to evacuate Tehran on Tuesday, coinciding with his early leave from the G7 meeting in Canada.
Otherwise, the dollar index rose 0.8% as of 19:49 GMT to 98.8, with a session-high at 98.8, and a low at 98.02.
Aussie
The Australian dollar fell 0.8% against its US counterpart as of 20:05 GMT to $0.6473.
Loonie
The Canadian dollar fell 0.5% against its US counterpart to 0.744.
Gold reverses lower under pressure from dollar before rate decision
Gold prices fell on Tuesday as the dollar muscled up against most major rivals amid ongoing Middle Eastern tensions, and before the Fed’s policy decisions.
Recent data showed US retail sales fell 0.9% m/m to $715.4 billion in May, while analysts expected a 0.6% drop, as auto sales drop following Trump’s tariffs.
Later today, the Federal Reserve will convene and discuss policies, and will announce its decision tomorrow, widely expected to hold interest rates unchanged at below 4.5%.
Markets were concerned after US President Trump urged Iranians to evacuate Tehran on Tuesday, coinciding with his early leave from the G7 meeting in Canada.
Otherwise, the dollar index rose 0.8% as of 19:49 GMT to 98.8, with a session-high at 98.8, and a low at 98.02.
On trading, gold spot prices fell 0.3% as of 19:53 GMT to $3404 an ounce.