Oil: Strait of Hormuz reopening steadies crude prices– UOB

FXStreet Insights Team FXStreet

UOB Global Economics & Markets Research reports that Oil prices stabilized after comments from US Vice President JD Vance confirmed tankers carrying over 12 million barrels had crossed the Strait of Hormuz. Brent closed at $79.85 and WTI at $76.60. Markets remain sensitive to any renewed disruptions or escalation risks around the key shipping chokepoint.

Hormuz flows calm supply concerns

"US financial markets will be closed today (19 Jun) in observance of the Juneteenth federal holiday. However, focus will be on the reopening of the Strait of Hormuz, with markets likely to stay sensitive to any disruptions or escalation risks. Against this backdrop, developments on the geopolitical front, alongside moves in yields and the US dollar, will remain key for near-term direction."

"Oil prices steadied on Thu after US Vice President JD Vance said tankers with more than 12 million barrels crossed the Strait of Hormuz overnight. Brent crude futures, the international benchmark, gained 30 cents to close at $79.85/bbl. West Texas Intermediate futures lost 19 cents to settle at $76.60/bbl."

"Gold prices edged lower on Thu, pressured by hawkish policy signals from the Fed and a stronger US dollar, while the US-Iran ceasefire deal that dialed back inflation concerns and sent oil markets lower."

(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.

AUD/USD reclaims 0.7100 and above

AUD/USD regains the smile, reversing three consecutive daily pullbacks and returning to the area beyond 0.7100 the figure following the Wall St close on Thursday. That said, the softer tone in the US Dollar lends support to the pair’s recovery at the time when market participants continue to digest Wednesday’s hawkish message by the Fed.

USD/JPY looks slightly offered near 156.00 ahead of BoJ

USD/JPY trades with decent losses in the 156.00 region ahead of the opening bell in Asia. Indeed, the pair has faded part of the recent three-day positive streak, faltering just ahead of the 156.50 level. Meanwhile, all the attention is expected to be on the BoJ early on Friday, with investors largely anticipating a 25-bps rate hike.

Gold: Upside appears capped by $4,400

Gold climbs sharply and clinches fresh weekly peaks on Thursday, although the bull run seems to have met some initial hurdle around the $4,400 zone per troy ounce. The yellow metal’s rebound reverses three daily declines in a row and follows the modest retracement in the US Dollar as well as another negative performance of crude oil prices.

Zcash Price Forecast: ZEC eyes $1,500 breakout as retail demand expands

Zcash (ZEC) rises sharply above $1,400 on Thursday as the privacy-focused token defies the broader cryptocurrency market's doldrums this week, driven primarily by macro uncertainty and regulatory headwinds. ZEC’s bullish outlook, though seemingly overextended, remains stable, supported by growing retail demand reflected in the derivatives market.

One hike down, more to come? The Fed’s new rate path says yes

The Federal Reserve (Fed) raised its Fed Fund Target Range (FFTR) range by 25 basis points to 3.75%-4.00% in a unanimous decision, saying the move would support a timelier return to its 2% inflation goal.

How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.