US-Iran Conflict Escalates, Brent Crude Nears $100 Amid Energy Inflation Fears
The U.S.-Iran conflict has escalated, driving international oil prices to a six-week high and pushing Brent crude near $100. The escalating tensions have also put pressure on gold and Bitcoin.
According to TradingKey's Daily Market Briefing, the Strait of Hormuz shipping volume dropped to its lowest level since May due to increased attacks on vessels between the US and Iran. As a result, Brent crude rose 1.52% to $97.30, hitting an intraday high of $98.06.
The U.S.-Iran conflict has also affected precious metals, with spot gold falling 0.56% to $4,406.05 due to renewed market concerns about energy inflation and global central bank monetary tightening.
Cryptocurrencies have also been impacted, with Bitcoin trading near $79,500 on Monday after a strong nonfarm payrolls data elevated Fed rate hike expectations.