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Red Sea disruption lifts oil prices and pushes the dollar steadier
WTI was up 3.5% to $87.30 and Brent around 4% to $94.35, helping keep 10-year Treasury yields at 4.64% and EUR/USD near 1.1405.
European markets focused on Middle East-linked shipping risks, with attention turning to disruption in the Red Sea that threatened routes to and from Saudi Arabia’s Jeddah port.
Oil prices rose sharply, with WTI up 3.5% to $87.30 and Brent up about 4% to $94.35. The move also coincided with higher rates, as 10-year Treasury yields were at 4.64%.
In major currency trade, the dollar held steady versus the euro, with EUR/USD little changed at 1.1405 and option-related levels near 1.1400 noted. USD/JPY remained near multi-decade highs above 163.00 as traders digested the latest developments.
The rates and oil backdrop also fed into broader market sentiment, with European stocks slightly higher while US equity futures were pressured ahead of tech earnings later in the day. Gold meanwhile showed resilience, up 1.1% to $4,120, after a modest bounce.
Latest closeGold $4,117.00 ▲1.1%|WTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%