Middle East tensions push oil prices higher as currency markets hold steady
Oil prices jumped as Middle East tensions escalated, while currency and bond markets remained relatively stable despite economic uncertainty.
Oil prices rose more than one percent amid reports of Middle East tensions, particularly around the Strait of Hormuz. Currency markets showed little reaction to the developments, with the New Zealand dollar holding at around 58.8 US cents. US Treasury yields remained near 4.7 percent ahead of key economic data, while mixed global economic signals including easing US producer prices and stalled Australian business sentiment created an uncertain outlook.
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What outlets are saying
interest.co.nz
Breakfast briefing: Hormuz shut tight
Middle East mess gets worse; Japan sentiment improves; Indonesian sentiment eases; big drops in mortgage applications hits Aussie bank shares; UST 10yr at 4.70%; gold firm; oil prices jump; NZ$1 = 58.8 USc; TWI-5 = 62.5
interest.co.nz
Uneasy calm in currency markets
Mixed headlines on the Middle East; oil up over 1%. US Treasuries little changed just under 4.7% ahead of key US CPI data tonight. RBA on hold with tightening bias as expected; net market reaction not material
interest.co.nz
Breakfast briefing: Ignoring Hormuz & hoping for the best
US data uninspiring; US 50% tariffs on Canada imminent; Singapore & Malaysia industry expands; Australian business sentiment stalls; RBA holds; UST 10yr at 4.69%; gold holds; oil prices firmer; NZ$1 = 58.8 USc; TWI-5 = 62.5
interest.co.nz
Breakfast briefing: Markets & data delivers mixed messages
US producer prices ease; bond markets warn US Administration; Japan readies another rate hike; Aussie wage rises less than inflation; Hormuz shut; UST 10yr at 4.63%; gold down; oil prices dip; NZ$1 = 58.5 USc; TWI-5 = 62.1