Commodities
Oil Prices Near Six-Month Highs as Middle East Tensions Rise
Oil prices are near six-month highs as traders and investors bet on rising prices due to growing concern over potential conflict in the Middle East.
The Strait of Hormuz supply risk is in focus, with Iran's planned joint naval exercise with Russia causing market nerves. US President Donald Trump said 'really bad things' would happen if Iran doesn't agree to curtail its nuclear programme within 10-15 days.
A report from Saxo Bank shows that traders and investors have ramped up purchases of call options on Brent crude, betting on higher prices. This is despite worries over the outlook for interest rates in the US, which could limit oil price gains.