Oil Jumps as US-Iran Conflict Escalates; Global Markets Rattled, Inflation Expectations Rise, Commerzbank Says
Brent crude climbed above $76 per barrel after the U.S. revoked Tehran's oil export waiver and said it completed airstrikes against over 80 targets in Iran following attacks on ships in the Strait of Hormuz, according to Commerzbank. Iran retaliated by warning of "decisive action" and launching drones toward Bahrain, said the bank. President Donald Trump later added that the U.S. ceasefire with Iran is "over" after the military strikes. Markets rattled with global equities declining, the US dollar strengthening and the euro falling to $1.141, noted Commerzbank. Japan's 10-year government bond yield reached its highest level in 30 years. The New York Federal Reserve's one-year inflation expectations rose to 3.67%, the highest level in three years. In Europe, Marine Le Pen said she will run in next year's French presidential election after an appeals court reduced her sentence. The Office for Budget Responsibility (OBR) said around 120 billion pounds in tax hikes or spending cuts would be needed under Andy Burnham -- the likely next British prime minister -- to stop public debt from becoming unsustainable. The Reserve Bank of New Zealand raised its official cash rate by 25.
Brent crude climbed above $76 per barrel after the U.S. revoked Tehran's oil export waiver and said it completed airstrikes against over 80 targets in Iran following attacks on ships in the Strait of Hormuz, according to Commerzbank.
Iran retaliated by warning of "decisive action" and launching drones toward Bahrain, said the bank.
President Donald Trump later added that the U.S. ceasefire with Iran is "over" after the military strikes.
Markets rattled with global equities declining, the US dollar strengthening and the euro falling to $1.141, noted Commerzbank.
Japan's 10-year government bond yield reached its highest level in 30 years.
The New York Federal Reserve's one-year inflation expectations rose to 3.67%, the highest level in three years.
In Europe, Marine Le Pen said she will run in next year's French presidential election after an appeals court reduced her sentence.
The Office for Budget Responsibility (OBR) said around 120 billion pounds in tax hikes or spending cuts would be needed under Andy Burnham -- the likely next British prime minister -- to stop public debt from becoming unsustainable.
The Reserve Bank of New Zealand raised its official cash rate by 25.