Oil price rise risks ‘adverse shock’ to global economy – business live
Rolling coverage of the latest economic and financial newsThe price of gold, a classic safe-haven asset, has dropped back today – perhaps a sign that market anxiety is easing.As we blogged on Friday, gold jumped immediately after Israel launched its attack on Iran, as investors dashed into safer assets.Headlines were busy over the weekend as hostilities between Iran and Israel continued. An Iranian gas field in the Persian Gulf was hit on Saturday, fueling concerns that the escalation could spill over into global energy markets. While the damage appears limited to Iran’s domestic supply, the targeted gas processing facilities are linked to offshore oil production sites, potentially threatening broader energy flows.US crude opened the week above $76 per barrel, and Brent crude briefly pushed above $84 per barrel. However, both benchmarks quickly gave back gains. Natural gas also spiked at the open, breaking above its 100-day moving average, before retreating. The US dollar edged higher on haven flows, while gold, which opened at record levels, is also paring gains. Continue reading...
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Rolling coverage of the latest economic and financial news
The price of gold, a classic safe-haven asset, has dropped back today – perhaps a sign that market anxiety is easing.
As we blogged on Friday, gold jumped immediately after Israel launched its attack on Iran, as investors dashed into safer assets.
Headlines were busy over the weekend as hostilities between Iran and Israel continued. An Iranian gas field in the Persian Gulf was hit on Saturday, fueling concerns that the escalation could spill over into global energy markets. While the damage appears limited to Iran’s domestic supply, the targeted gas processing facilities are linked to offshore oil production sites, potentially threatening broader energy flows.
US crude opened the week above $76 per barrel, and Brent crude briefly pushed above $84 per barrel. However, both benchmarks quickly gave back gains. Natural gas also spiked at the open, breaking above its 100-day moving average, before retreating. The US dollar edged higher on haven flows, while gold, which opened at record levels, is also paring gains. Continue reading...
