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.
AZIONI
The ongoing conflict in Iran continues to dominate the newswires. Shipping in and out of the region has yet to resume, lifting crude oil to fresh highs. The Brent Crude index now sits at $85 per barrel, while WTI futures, which had lagged behind until yesterday, are quickly catching up, pushing over $80 per barrel as of this morning. No concrete measures have yet been implemented to ensure the safe passage of ships through the Strait of Hormuz, and so the oil trade remains in limbo for the time being. An interesting result of the turmoil in the Middle East is that the United States government has temporarily authorised India to resume purchases of oil from Russia, a delivery path that had previously been subject to strict sanctions.
US stock markets have fared far better than their European and Asian counterparts so far this week, but the negative sentiment finally made a sizeable dent in the Dow Jones index yesterday. The Dow lost 1.6% on Thursday, erasing all gains in 2026 and putting the index in the red for the year. Goldman Sachs (GS) was the worst performer of the group of 30, falling 3.7% yesterday, while the technology contingent of the index emerged generally unscathed. The S&P 500 closed 0.6% in the red, while the Nasdaq Composite lost around 0.3%, reflecting the outperformance of technology stocks. In particular, Broadcom (AVGO) spiked almost 5% yesterday after the company’s first-quarter report impressed investors with increased sales figures.
Although geopolitical events are in the driving seat for now, traders would do well to remember that non-farm payrolls are dropping later today. The US dollar remains strong with the DXY above 99 again this morning, as investors thoroughly abandon any hope of an upcoming interest rate cut. The next FOMC meeting is less than two weeks away and is fully expected to result in a rate hold. Many market participants are expecting an uptick in inflation due to increased oil prices, but should the rally in crude suddenly collapse, such narratives will change equally quickly.
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