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New oil highs, AI distractions and Yen manipulation?
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Thursday 30th April 2026
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Oil rose to its highest level since the closure of the Strait of Hormuz before retracing and ending up lower than a day ago. Why? Phil talks to NAB’s Ken Crompton. Certainly it's not due to progress on peace talks, quite the reverse. But equity markets have risen on the back of healthy tech earnings results – although some did better than others. The Bank of England and ECB both kept rates on hold but made noises to suggest that rate hikes could be on the agenda if we see second round effects from rising oil prices. And the Yen rose sharply, with the suggestion that its down to intervention by the MoF. US ISM is the main data point tonight.
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