US pushes allies to halt Iran oil imports

Omkar Godbole FXStreet Contributor

The US has asked its allies to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, a senior State Department official said on Tuesday, according to a Reuters report.

Trump administration withdrew from the "defective" Iran nuclear deal in May and will reimpose sanctions, starting November 4.

So, Iran will be cut out of the markets from November 4 and there are fears other OPEC producers may not be able to compensate for Iran's oil production drop.

Author

Omkar Godbole

FXStreet Contributor

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

AUD/USD slides below mid-0.6800s, lowest level since January amid bullish USD

AUD/USD weakens below mid-0.6800s, hitting a 10-month low during the Asian session on Thursday as the possibility of a jumbo Fed rate hike in December helps the US Dollar hold near its highest level since April 2025. Geopolitical uncertainty also supports the safe-haven buck, while the RBA’s cautious, on-hold stance weighs on the Aussie.

USD/JPY faces rejection near 160.00 amid looming intervention risks, BoJ rate hike bets

USD/JPY retreats slightly from an over two-month high as the recent surge back to the 160.00 psychological mark prompted verbal warnings from Japanese authorities and sparked fears of direct FX intervention. Moreover, data showed that Japan’s wholesale inflation picked up again in October, strengthening the case for a BoJ hike in December and lifting the Japanese Yen. However, a bullish US Dollar, bolstered by odds of a jumbo Fed rate hike in December, could support the currency pair.

Gold rebounds to $4,000; upside seems limited as hawkish Fed bets support USD

Gold bounces off a one-week low, touched during the Asian session on Thursday, though the upside remains capped. The US Dollar pauses for a breather following the latest leg up to its highest level since April 2025, supporting the commodity. However, Fed rate hike expectations and the possibility of a jumbo 50 bps rate increase favor USD bulls, keeping the non-yielding bullion capped near $4,000.

Bitcoin Bull Score falls to 20 as USDT supply shrinks – CryptoQuant

Bitcoin's (BTC) market indicators have turned bearish at the same time, raising concerns that the top crypto could face a deeper correction despite historical similarities to previous market bottoms. In a report published Wednesday, CryptoQuant noted that its Bull Score Index dropped from 90 on October 13 to 20 in less than four weeks, reflecting a sharp deterioration in market conditions.

The Japanese Yen is doing something it hasn't done in ten weeks

USD/JPY climbs above the 159.00 resistance level, extending its advance on Wednesday, and bringing the Japanese Yen back toward its weakest levels in ten weeks amid renewed strength in the US Dollar. The move reflects a sharp repricing of Federal Reserve interest rate expectations following hawkish comments from Fed Governor Christopher Waller and stronger-than-expected US consumer inflation data.

What the US CPI headline doesn’t tell you about inflation

Brent crude has fallen about a third since mid-October on hopes the Iran war is ending, but diesel, freight and fertiliser costs haven't followed. Those costs reach US consumer prices in stages through 2027 and could keep inflation high after gasoline gets cheaper.