Following the U.S. bombing of Iranian nuclear facilities, oil prices surged to the highest levels since January. Traders reacted cautiously amid concerns over potential Middle Eastern instability, particularly regarding Iran's parliament voting on shutting down the Strait of Hormuz, which could significantly disrupt oil supplies. U.S. Secretary of State Marco Rubio cautioned Iran against such moves, highlighting global dependency on the strait. Meanwhile, economists suggest that while energy disruptions are a risk, significant long-term impacts on exports are deemed unlikely from Tehran's perspective.
Traders are in a largely risk-off mood, weighing the chances of further escalation in the Middle East and possible Iranian retaliations.
Rubio warned it would be economic suicide for Iran to close the Strait, urging China to influence Tehran, as they depend heavily on it.
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