Oil prices rose as concerns mounted over proposals to reopen the Strait of Hormuz, coinciding with the U.S. military’s announcement that it had rerouted 49 ships as part of the blockade imposed on Iranian ports.
Oil and the Strait of Hormuz
Oil prices rose amid concerns surrounding proposals to reopen the strait, while the material did not include details on the size of the increase or trading levels.
The market moves coincided with the announcement that 49 ships had been rerouted, a step the U.S. military said was part of enforcing the blockade imposed on Iranian ports. The material did not provide information on the identity of the ships or their original and alternative routes.
Gold on track for weekly gains
In precious-metals markets, gold was on track to post its best weekly gains in eight months, without clarification of the percentage gain or the direct factors behind its move.
U.S. condemnation of Houthi attacks
In a separate development, the U.S. Embassy in Yemen condemned attacks by the Houthi militia, without the material providing details on the nature, locations or timing of the attacks.
