Oil: Prices rise amid US-Iran tensions – UOB

FXStreet Insights Team FXStreet

Crude oil prices continued to rise, driven by renewed tensions between the US and Iran. Reports indicate that US President Trump has issued warnings to Iran while military forces are gathering in the region. The London Brent oil futures increased by $1.34 to settle at $68.67 per barrel, while NY WTI rose by $1.93 to $65.14 per barrel, notes UOB's Global Economics & Markets Research Team.

Oil prices increase on geopolitical concerns

"Crude oil prices rose further on Wed, as conflicting reports stoked concerns about US-Iran tensions."

"US President Trump renewed warnings to Iran’s leaders as US military forces gather in the region, even as diplomacy appeared to be on track, with Tehran confirming nuclear talks with the US will take place in Oman on Fri (6 Feb)."

"Meanwhile, EIA reported that US crude inventories fell by 3.46 million barrels last week while output in the Lower 48 dropped to the lowest since Nov 2024 as freezing temperatures disrupted drilling."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.