Oil prices surge after US attacks Iran.
Oil prices rose sharply in early trade on Wednesday after the U.S. military said it launched fresh strikes against Iran and reimposed sanctions on the country’s oil over attacks on vessels in the Strait of Hormuz.
West Texas Intermediate crude futures jumped 3.2% to $72.69 a barrel by 02:44 ET (06:44 GMT). Brent surged 3.2% to $76.56 a barrel.
US launches fresh Iran strikes over Hormuz attacks
U.S. Central Command (Centcom) said it had begun a series of strikes against Iran, aimed at imposing what it described as “heavy costs” for Tehran’s attacks on commercial shipping.
“The U.S. strikes are in response to Iranian attacks on three commercial vessels that were transiting the Strait of Hormuz,” Centcom said in a statement, accusing Iran of violating the ceasefire.
The resumption in hostilities and signs of more shipping trouble in Hormuz rekindled concerns over supply disruptions in the Middle East.
Bitcoin slips below $63k.
Bitcoin fell below $63,000 levels on Wednesday as escalating military tensions between the U.S. and Iran dampened risk appetite, while investors awaited minutes from the Federal Reserve’s latest policy meeting.
The world’s largest cryptocurrency last traded 1.2% lower at $62,553.2 by 02:48 ET (06:48 GMT), after climbing above $64,500 in the previous session.
Fresh US-Iran tensions lift oil, weigh on crypto
Washington launched strikes on Iranian military targets on Tuesday following Tehran’s renewed attacks on commercial shipping in the Strait of Hormuz.
Iran responded with missile and drone strikes targeting U.S. military facilities in the Gulf, stoking fears of a broader regional conflict and potential disruptions to global energy supplies.
The ETF inflows have helped reverse a recent streak of withdrawals and supported Bitcoin’s recovery from late-June lows, although weekly flows remained negative overall after heavy outflows in previous sessions.
Gold prices recover with Iran risks.
Gold prices rose in Asian trade on Wednesday as markets digested fresh military action between the U.S. and Iran, while focus also turned to the minutes of the Federal Reserve’s June meeting.
Bullion recovered after falling sharply in the prior session, as renewed tensions in the Middle East sent oil prices surging and rekindled concerns over sticky, energy-fueled inflation.
Spot gold rose nearly 0.6% to $4,128.81 an ounce by 01:58 ET (05:58 GMT), while gold futures fell 0.4% to $4,139.41/oz.
Gold recovers after Iran tensions spark deep losses
Spot prices had tumbled 1.6% on Tuesday after a flare-up in U.S.-Iran tensions boosted the dollar and sparked heightened concerns over inflation and interest rates.
Washington launched fresh attacks on Iran and also revoked allowances on Iranian oil exports, in response to Tehran’s attacks on vessels in the Strait of Hormuz.
The development raised questions over a June framework deal between the U.S. and Iran, and whether the two can reach a more comprehensive agreement. Still, Washington signaled that negotiations were continuing with Iran.
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