Beijing has instructed major refiners to sustain high fuel production to ensure domestic energy security as renewed US-Iran conflict threatens crude oil shipments through the Strait of Hormuz.
President Donald Trump said the critical oil shipping route is open to commercial traffic, according to remarks made on NBC's "Meet the Press," even as the U.S. and Iran continue to trade attacks.
Crude benchmarks surged after Iran declared the critical Strait of Hormuz closed amid expanded attacks, stoking fears of a major supply disruption, though prices later pared some initial gains of nearly 5%.
The British pound held steady near its strongest level since mid-June as a quiet U.S. data calendar kept the dollar range-bound. Investors are now focused on upcoming minutes from the Federal Reserve for clues on the future path of interest rates.
The British pound fell against the U.S. dollar, which saw broad demand driven by geopolitical tensions, rising oil prices, and investor positioning for hawkish Federal Reserve meeting minutes.
The Canadian dollar strengthened against the U.S. dollar, supported by a sharp rise in oil prices due to U.S.-Iran tensions. The rally also increased investor expectations for a Bank of Canada interest rate hike this year.
The Canadian dollar gained against the U.S. dollar as a sharp rise in crude oil prices, driven by geopolitical tensions, bolstered expectations for a Bank of Canada interest rate increase.
Baghdad has reportedly agreed to new measures preventing U.S. dollars from reaching Iran, ending a four-month suspension of cash shipments from the U.S. that are vital for its economy.
Bitcoin traded above the $62,000 level amid renewed optimism for comprehensive U.S. crypto legislation, even as security risks and deep losses in speculative meme coins highlight the sector's volatility.
