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Brent holds near six week high as Middle East tensions disrupt shipping
Markets track risks to oil transit, with Iran’s Revolutionary Guards declaring the Strait of Hormuz fully closed and multiple ships abandoning plans near Bab el-Mandeb.
Middle East tensions continued to steer commodities, with Brent crude holding near a six week high as the US and Iran exchanged strikes for a 12th straight night, according to Forexlive. Forexlive said the latest attacks on Iranian military targets were ordered by President Trump, and it highlighted reports that Washington is moving additional special forces, jets, and medics into the region along with extra war funding. At the same time, shipping risk widened: Iran’s Revolutionary Guards said the Strait of Hormuz is fully closed and warned no tanker will transit without their coordination, after reports of a tanker catching fire and two others turning back near the strait’s mined southern route. The outlet also pointed to spillover beyond the initial chokepoints, with the Houthis extending strikes into the Red Sea and UKMTO stating only one vessel had actually been hit. Forexlive added that around 9 to 10 ships have abandoned plans to transit Bab el-Mandeb, and Kuwait reported intercepting drones over its airspace, signaling broader exposure for shipping and air traffic. Even as gold pulled back and the US dollar softened modestly, Forexlive reported that not all markets turned risk-off. Asian equities extended gains, helped by upbeat AI-linked spending expectations, while Australia’s June employment rose by 76.3k versus a 15k forecast, keeping volatility elevated across oil, currencies, and regional stocks.
Latest closeGold $4,117.00 ▲1.1%|WTI crude $87.52 ▲3.1%|Brent $94.43 ▲3.8%