US Edition
The Cushion Is Gone and the Oil Market Is Now Exposed
Trump delayed the April 6 deadline for Iran to reopen the Strait of Hormuz, leading to a 2.5% rise in oil prices while global stocks mostly declined amid escalation concerns.
- On Friday, President Donald Trump extended the deadline for Iran to open the Strait of Hormuz from today to April 6, though the announcement failed to lift market sentiment as European stocks fell and oil prices rose around 2.5 percent.
- Iran's Tasnim news agency reported the country responded to Washington's 15-point peace plan, with officials demanding an end to US-Israeli attacks and reparations, as Kuwait reported Friday damage to its main commercial port from a drone attack.
- Governments in Vietnam, India, and Japan introduced fuel tax cuts to combat surging energy costs, as analysts noted that "tangible evidence of progress is what's needed" to restore market confidence.
- Pentagon officials are considering deploying up to 10,000 extra ground troops to the Middle East, while the dollar climbed against main rivals Friday as traders view it as a safe-haven asset amid the conflict.
- Adding to market volatility, China opened an investigation into US trade practices on Friday in response to Washington's recent probes of Beijing, as experts warn sentiment will likely stay negative while the Strait remains largely closed.
43 Articles
43 Articles
The Cushion Is Gone and the Oil Market Is Now Exposed
The global oil market has been on a rollercoaster since late February, but the price reaction to the largest supply disruption in history has been relatively muted. The calm was not complacency; buffers were there to absorb the shock. But the system that held for four weeks is no longer the system we are operating in today. The oil market did not underreact to the disruption in the Strait of Hormuz; it absorbed it. For nearly four weeks, markets…
Watauga Democrat
Oil climbs, stocks fall even as Trump extends Iran deadline
Oil prices rose and stocks mostly fell Friday as initial optimism over US President Donald Trump's decision to again delay his deadline for strikes on Iran's energy assets faded.
Oil rose by more than 2% because the market does not believe that the U.S. and Iran will soon reach an agreement. Although Trump postponed until April 6 the deadline for possible attacks on Iranian energy facilities and said the talks were going well, investors continue to distrust. Iran rejected any ultimatum and military tension in the region continues to grow. The main fear is that there are problems in the Strait of Hormuz or attacks on key …
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