- Japan's Kyodo News Agency reported Iran proposed reopening Hormuz within seven days if the US blockade is lifted, reversing Brent's intraday gains of as much as 2%.
- Brent tumbled almost 8% over the previous four sessions on easing concern around Middle East exports and renewed diplomacy to end the US-Iran war.
- Gold pared an earlier loss of as much as 1.2% as crude swung, with traders tracking energy costs for signals on the Federal Reserve's rate path.
- Gold declined as the dollar strengthened and investors weighed further Fed rate increases after last week's hike.
- The AI trade rally drove the S&P 500 to a one-month high, led by tech giants and chipmakers, even as falling oil set the market tone.
Quotes
“The reversal came after Japan’s Kyodo News Agency reported that Iran has proposed to reopen Hormuz within seven days if the US blockade is lifted.”
“Brent tumbled almost 8% over the previous four sessions on easing concern around Middle East exports and a renewed bout of diplomacy to end the US-Iran war.”
“Gold pared losses as oil prices swung on a shifting supply outlook”
“Gold prices declined on Tuesday as the US dollar strengthened and investors assessed the possibility of further interest rate increases by the Federal Reserve following last week’s hike.”