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Oil jumps, stocks wobble as Mideast ceasefire hangs in the balance
- On Monday, Brent crude futures jumped about 6 per cent to US$96 a barrel as rising Middle East tensions kept shipping in and out of the Gulf to a bare minimum.
- Iran re-imposed its de facto closure of the Strait of Hormuz on Sunday, hours after President Donald Trump warned he would launch new strikes unless Iran accepts his terms.
- Bob Savage, head of markets macro strategy at BNY, stated the immediate focus is on oil shortages as the dollar steadied, buying 158.8 yen and trading at $1.1760 per euro.
- The ceasefire in the Iran war, due to run until Tuesday, remained in doubt after the United States seized an Iranian cargo ship; Damien Boey, portfolio strategist at Wilson Asset Management, said both sides ultimately want a deal.
- Paul Chew, head of research at Phillip Securities, noted that resolution remains the base case despite re-escalation, adding that Trump is still focused on November midterm elections.
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33 Articles
33 Articles
Coverage Details
Total News Sources33
Leaning Left10Leaning Right5Center6Last UpdatedBias Distribution48% Left
Bias Distribution
- 48% of the sources lean Left
48% Left
L 48%
C 28%
R 24%
Factuality
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