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Trump signals no Iran attacks before midterms, helping lift crude
The update also coincided with USD selling as traders weighed softer-than-expected OpenAI revenue expectations alongside thin economic data.
Market sentiment opened weak after oil prices spiked in Europe following renewed Trump-related comments about possible action involving Iran, according to Forexlive.
Later, Trump posted that he would not attack Iran before the midterms, which supported a bounce in crude, though traders remained skeptical, Forexlive said.
Forexlive also pointed to a reported OpenAI revenue run rate of $50 billion, below Street expectations of $70 billion, which created headwinds for chipmakers and electricity producers and contributed to USD selling.
Elsewhere, Forexlive noted initial jobless claims staying near rock-bottom levels, ongoing Fed messaging focused on bringing down inflation, and a turnaround in Treasury yields that finished near the lows of the day.
Latest closeWTI crude $89.70 ▼1.6%