Headline

Oil Prices Jump As Hamas-Israel Attacks Fuel Supply Fears

Published

3 years ago

October 9, 2023

Israel, reeling from the deadliest attack in half a century, formally declared war on Hamas Sunday as the conflict’s death toll surged above 1,000 after the Palestinian militant group launched a massive surprise assault from Gaza.

Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East.

The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia’s output cuts.

It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions.

The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran.

“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” said ANZ Group’s Brian Martin and Daniel Hynes.

“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”

Both main contracts surged more than five percent in early Asian business before easing back as the day wore on.

However, SPI Asset Management’s Stephen Innes warned: “Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises.

“Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilises.

“But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario.”

A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars.

The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows.

Gold, another key haven, gained around one percent.

Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy.

There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose in shortened trade, having been closed in the morning owing to a typhoon.

Sydney and Jakarta eked out gains. Tokyo was closed for a holiday.

London edged up while Paris and Frankfurt were lower.

The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing.

The “Goldilocks” figures — neither too strong nor too weak — lifted optimism the world’s top economy can avoid a recession even as the Federal Reserve keeps rates elevated.

Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target.
AFP

Headline

Oil Prices Drop After Iran Reopens Strait Of Hormuz

Published

4 days ago

April 17, 2026

Editor

Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.

Benchmark crude prices fell by more than 10 per cent, with West Texas Intermediate (WTI) slipping below $85 per barrel, while Brent crude declined to about $89 per barrel.

The decline follows comments by Iran’s Foreign Minister, Abbas Araghchi, who said commercial vessels would be allowed to transit the strait for the duration of a 10-day ceasefire involving Israel and Lebanon.

The truce, which began on Thursday, is reported to include the Iran-backed group Hezbollah.

Oil prices had surged above $100 per barrel in recent weeks amid heightened tensions in the region, with WTI reaching nearly $113 per barrel earlier this month and Brent climbing above $119 in late March.

Analysts say the reopening of the key shipping route has eased supply concerns in global energy markets.

Brian Therien, a senior investment strategist at Edward Jones, noted that oil futures are now trending lower, with projections suggesting prices could fall to the low $70 range by the end of the year. He added that a sustained drop in prices could help reduce inflationary pressures globally.

The Strait of Hormuz, which links the Persian Gulf to the Arabian Sea, is one of the world’s most critical oil transit routes, accounting for roughly one-fifth of global oil and liquefied natural gas shipments.

Shipping through the passage had been disrupted during the conflict due to security concerns, including threats of attacks and the presence of naval mines.

An Iranian official told Reuters that vessels moving through the strait during the ceasefire would be required to use designated safe lanes approved by Iranian authorities, while military ships would not be permitted to pass.

Despite the announcement, some shipping firms remain cautious. German carrier Hapag-Lloyd said it is still reviewing the situation before resuming operations in the area.

Meanwhile, Knut Arild Hareide of the Norwegian Shipowners’ Association welcomed the development but warned that uncertainties remain, particularly regarding maritime safety, operational guidelines, and the potential risks posed by unexploded sea mines.

Headline

You Can’t Go To US With Good Feelings Since Trump Returned To Power – Sports Legend

Published

4 days ago

April 17, 2026

Editor

Germany legend, Oliver Kahn, has insisted that one cannot go to the United States with ‘good feelings’ since President Donald Trump returned to the Presidency.

Kahn stated this while speaking to Sky Sport Germany about the upcoming World Cup, which is to be held in the US, Mexico and Canada.

According to the former Bayern Munich goalkeeper, there are so many things happening in the US at the moment that are no longer compatible with ‘values’.

“There are simply so many things happening in the USA right now that are no longer compatible with our understanding of values,” Kahn said.

“One example was the war, but I don’t want to list everything Donald Trump has been doing there since he returned to the presidency.

“You can’t go there with a good feeling at the moment.”

Headline

Trump Bows To Pressure, Deletes Post Depicting Self As Jesus

Published

1 week ago

April 13, 2026

Editor

United States President, Donald Trump, has deleted a social media post that appeared to portray him as Jesus, following backlash and rising tensions with Pope Leo XIV over the Iran war.

The image, shared on Truth Social late Sunday, showed Trump as a Christ-like figure healing the sick, surrounded by American flags and eagles.

The post came shortly after the president criticised the pope for opposing the war with Iran.

By Monday morning, the image had been removed from his account. A previous link to the post now leads to a notice stating the “content is no longer available.”

Speaking later at the White House, Trump denied the interpretation of the image and said he believed it depicted him differently.

“I did post it, and I thought it was me as a doctor, and had to do with the Red Cross,” he told reporters at the White House.

He dismissed claims that the image portrayed him as Jesus, blaming the media for the narrative.

“Only the fake news” could come up with the idea that it depicted him as Jesus.

“I just heard about it, and I said, ‘How did they come up with that?’ It’s supposed to be me as a doctor making people better. And I do make people better,” he said.

The development comes amid an ongoing public disagreement between Trump and Pope Leo XIV over the Iran war.

The pope said Monday he has “no fear of the Trump administration” and would continue to speak out, despite criticism from the president, who described his stance as “terrible for foreign policy.”

Leo, the first American pope, has intensified his criticism of the war in recent days, condemning Trump’s remarks about the Iranian people as “truly unacceptable.”

(CNN)