White House Official: Trump and Oil companies discussed continuation of blockade for months if needed

Eren Sengezer FXStreet

Citing a White House official, Reuters reported on Wednesday that United States (US) President Donald Trump met with top officials from Chevron and other major energy companies to discuss global Oil markets amid the Middle East conflict.

According to the official, Trump spoke to Oil companies about the steps to continue the Iran blockade for months if needed.

Market reaction

The US Dollar (USD) Index edged higher with the immediate reaction to this headline and was last seen trading at 98.85, rising 0.26% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

GBP/USD bounces back above 1.3200 after strong UK Retail Sales data

GBP/USD extends the rebound above the 1.3200 mark in early Europe on Friday. Stronger-than-expected UK Retail Sales data provide a much-needed lift to the British Pound and the pair amid a chaotic UK political environment.

EUR/USD recovers above 1.1450 on USD pullback

EUR/USD recovers losses and rises back above 1.1450 in the European session on Friday. The pair finds traction as the US Dollar (USD) pulls back sharply on profit-taking amid thin trading conditions, following the hawkish Fed-led rally.

Gold rebounds from one-week low; upside seems limited amid hawkish Fed, bullish USD

Gold recovers slightly from over a one-week low, touched earlier this Friday, though the upside potential seems limited in the face of a bearish fundamental backdrop. Against the backdrop of the US Federal Reserve's hawkish tilt, the uncertainty surrounding the next round of US-Iran negotiations continues to push the US Dollar higher for the third straight day.

Solana extends correction despite ETF inflows, RWA adoption

Solana (SOL) price edges below $70 extending its losses for the fourth straight day this week. The institutional demand for Solana is building, with steady inflows so far this week and Morgan Stanley’s amended S-1 filing for a Solana-focused Exchange-Traded Fund.

Solana extends correction despite ETF inflows, RWA adoption

Solana (SOL) price edges below $70 on Friday, extending its losses for the fourth straight day this week. The institutional demand for Solana is building, with steady inflows so far this week and Morgan Stanley’s amended S-1 filing for a Solana-focused Exchange-Traded Fund.

The next big AI trade may not be about chips or software

Artificial intelligence has already created some of the biggest winners in modern market history. Chipmakers have surged, data centre construction is booming, and electricity demand forecasts are changing globally.