Crude futures closed higher, rebounding from the previous session’s losses, as hopes for a swift end to the war in the Middle East faded. The war has nearly halted shipments through the Strait of Hormuz, which typically carries about a fifth of the world’s crude oil and LNG supply
Euro-denominated stablecoins make up more than 80% of the non-US dollar stablecoin market, which Dune says has grown to about $1.2 billion in total supply, according to a report commissioned by Visa.
Wall Street’s main indexes closed higher as oil prices fell while Iran reviewed a U.S. proposal to end the war in the Middle East, feeding investor hopes for de-escalation in the fourth week of a war that has disrupted global energy flows and stoked inflation concerns.
Sterling was steady with traders cautious about efforts to end the U.S.-Israeli war against Iran as they took stock of the conflict’s potential economic impact. The pound was last little changed against the dollar.
Gold rose, buoyed by a drop in oil prices that eased inflation worries and tempered expectations of interest rate hikes, even as uncertainty surrounding the Middle East conflict lingered.
The dollar strengthened as investors dialed back expectations for a quick end to the Middle East conflict, reversing some of Monday’s optimism-fueled moves. The Pentagon plans to send thousands of troops from the 82nd Airborne Division to the region, adding to the military buildup.
