Oil Prices Climb Amid US-Iran Tensions as Yen Surges

Oil prices continued their upward trend as tensions between the US and Iran remained high. Fresh strikes near the Strait of Hormuz kept markets on edge, driving up WTI crude oil to $92.30, a 0.9% increase.

The Japanese yen saw a significant surge in value, with USD/JPY plummeting from around 156.00 to a low of 154.05 and eventually settling at 154.65, down 1% on the day. This marked the first time since February that the pair had broken below the 155 mark.

European stocks were cautious, with investors eyeing the upcoming ECB policy decision for more clues. Gold prices also took a hit, falling to $4,390 and erasing gains made earlier in the week due to rate hike odds rising after hot NFP data.