Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AKTIEN
The naval blockade of Iranian ports has been a welcome development for financial markets, which have adopted a more risk-on approach over the last couple of days. US indices have enjoyed back-to-back gains so far this week, with the Dow Jones, S&P 500 and Nasdaq Composite continuing their ascent from the March lows. The Nasdaq has now closed in the green over the past ten consecutive sessions, while the S&P 500 managed to close at 6,967 points yesterday, bringing the index to within a mere 11 points of a new record high. Asian stock markets maintained the upward momentum this morning, bringing the Nikkei 225 and Kospi indices to within touching distance of record highs of their own. Precious metals have also attracted inflows since the announcement of the blockade, lifting gold by a solid $100 yesterday to $4,840 per ounce. Silver likewise put in a strong performance on Tuesday, gaining 5% to surpass $79 per ounce. Bitcoin also latched onto the positive sentiment, climbing to $74,000 per coin on Monday and briefly touching $76,000 yesterday, which marks the highest price observed since early February.
The increased naval presence in the Persian Gulf has stabilised crude oil prices so far this week, with Brent Crude down to $94, while local dynamics in the United States have pushed WTI down to $90 per barrel. Crude inventories in the US rose by another 6 million barrels last week, going against analyst expectations of a 1.3 million barrel draw. WTI futures for June, which will soon become the front-month contract, are trading even lower at $88 per barrel. Hope remains that some kind of agreement between the US and Iran may be established eventually, with President Trump hinting that talks could resume over the next two days.
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