Asia's oil imports from Iran hit 8-month highs in March

Asia's oil imports from Iran jumped 36 percent in March.
Washington to revoke sanction waivers from May 1.

Omkar Godbole FXStreet Contributor

Asia's crude oil imports from Iran rose to the highest level in eight months in March as buyers stepped up purchases to take advantage of waivers to the sanctions imposed by the US on Iran last November.

China, India, Japan and South Korea imported a total 1.57 million barrels per day (bpd) of crudefrom Iran in March, up 36 percent from the previous month to the highest since July, the data showed, according to Reuters.

The major buyers of Iranian crude were granted waivers to the crude import sanctions that went into full effect in November. However, last week Washington it would revoke the waivers as of May 1. As a result, Iran's oil exports to major Asian buyers is set to drop sharply in the coming months.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD recovers above 1.1600 as focus shifts to US NFP

EUR/USD recovers ground above 1.1600 in Friday's European trading. The pair's uptick is sponsored by a profit-taking pullback in the US Dollar, as traders reposition ahead of the critical US Nonfarm Payrolls data. Meanwhile, the Middle East conflict and higher oil prices could keep the recovery in check.

GBP/USD rebounds toward 1.3400 in countdown to US NFP

GBP/USD is rebounding toward 1.3400 in the European session on Friday. A modest improvement in risk sentiment and a broad-based US Dollar retreat help the pair recover its weekly losses. The focus now remains on the US NFP data and Middle East headlines for fresh trading incentives.

Gold advances on increased safe-haven demand

Gold price recovers its recent losses from the previous session. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.

Bitcoin, Ethereum and Ripple at risk as US-Iran war extends

Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.