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Oil Continues Gains as US Imposes New Blockade in Hormuz
Description
Business and finance news from the Asia-Pacific.
Oil extended gains and Treasuries held their losses after the standoff between the US and Iran intensified, raising concern that supply disruptions will reignite inflation and strengthen the case for higher interest rates.
Brent climbed as much as 2.8% to $85.64 a barrel. The commodity jumped 9.6% on Monday — its biggest gain since May 2020 — after President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway. We spoke to Rob Haworth, Senior Investment Strategy Director at US Bank Wealth Management.
For more analysis on how the new blockades are affecting oil prices and inflation, Bloomberg TV Hosts David Ingles and Yvonne Man talked to Chris Weston, Head of Research at Pepperstone.
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