Oil prices settled up about 9%, at their highest in nearly four years, as Iran stepped up attacks on oil and transport facilities across the Middle East, and the country’s supreme leader vowed to keep the vital Strait of Hormuz shut.
The dollar rose against the euro for a third straight day, inching closer to its strongest levels this year as surging energy prices sparked worries about Europe’s import-dependent economy and drove investors toward the safety of the greenback.
JPMorgan is facing a lawsuit for allegedly enabling a $328 million crypto Ponzi scheme run by now-defunct Goliath Ventures. Investors filed a proposed class action in the US District Court for the Northern District of California, accusing JPMorgan of ignoring suspicious transactions and allowing Goliath to use its infrastructure to collect investor funds.
Gold prices edged lower, weighed down by an uptick in the U.S. dollar and looming inflation concerns that bolstered expectations of higher interest rates. U.S. gold futures for April delivery settled 1.2% lower.
U.S. consumer prices rose moderately in February as rents maintained a steady pace of increases, though households paid more for gasoline and at the supermarket, and higher costs are in store because of the escalating war in the Middle East.
The British pound inched higher, in a choppy session that saw traders weighing fears of an oil supply shock from the Middle East conflict against reports of potential reserve releases. A hike in energy prices has stirred concern over import-reliant economies such as Britain’s.
