Euro CDS spreads widen on Middle East risk-off as tensions flare
Cost of insuring euro-denominated credit against default rises on reduced risk appetite. U.S.-Iran hostilities intensify after the U.S. destroyed Iranian oil tankers Tuesday, lifting oil prices above $100 per barrel.
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US HITS IRANIAN TANKERS AS OIL BREAKS $100 The US destroyed five more Iranian oil tankers overnight after Iran allegedly targeted an American warship. No US personnel were hurt. Iran reportedly retaliated against US warships and tankers and fired missiles toward Jordan. The escalating conflict has disrupted shipping through the Strait of Hormuz, pushing Brent crude above $100 a barrel.
Washington is tightening economic pressure on Tehran, while Iran continues attacks on commercial shipping and seeks greater control over traffic through the vital waterway.