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WTI rises as Strait of Hormuz tensions keep markets on edge

WTI crude was up 0.7% to $72.60, while the dollar was little changed and traders looked ahead to the US CPI report on July 14.

Reported · Written up by our desk · Energy

Markets ended the week with a slight sense of calm, but US-Iran developments remained in limbo and kept investors cautious, according to Forexlive.

Oil prices moved higher as WTI crude rose 0.7% to $72.60, while European stocks were little changed to mixed and US equity futures were slightly lower, with S&P 500 futures down 0.1% and Nasdaq futures down 0.3%.

In FX, the dollar was broadly steady with EUR/USD flat at 1.1430 and GBP/USD up 0.1% to 1.3425. The yen was a notable mover, as USD/JPY fell 0.3% to 161.80 after Japan signaled a major pension shift earlier in the day.

In rates and metals, US 10-year yields were up 0.6 bps to 4.547%, gold was down 0.3% to $4,107, and silver fell 0.9% to $59.45. Forexlive said attention is set to shift next week to the US CPI report for June on July 14.

Latest closeGold $4,131.40 ▲1.5%|Silver $60.37 ▲3.8%|WTI crude $71.84 ▼2.3%

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