News
Oil market turmoil could last for years, executives say
Shipping bottlenecks, deep cuts in refinery output and inventory draws that could take years to replace will keep global oil prices high beyond this year, industry executives said at a conference in London on Monday.
Following the start of the US-Israeli war on Iran at the end of February, Iran effectively closed the Strait of Hormuz, choking exports through one of the world’s most crucial shipping bottlenecks.
The impact has been compounded by attacks on oil and gas infrastructure, hampering production and adding to the disruption of exports of crude oil and refined fuels.
"I think it is going to be bedlam for the bulk of the end of the year and maybe 2027," Petronas CEO Tengku Muhammad Taufik said.
Gold prices steady after weekly slide as weak jobs data ease Fed hike bets
Gold prices rose marginally on Monday, after posting a steep weekly decline, as a slowdown in the U.S. labor market eased expectations for another Federal Reserve rate hike, while elevated Treasury yields and rising oil prices continued to weigh on bullion.
By 09:38 ET (13:38 GMT), spot gold had risen by 0.1% to $4,145.80 an ounce, while gold futures had gained 0.3% to $4,173.25 an ounce.
"Gold steadied after its sharpest weekly decline since June, with Friday’s significantly weaker-than-expected US payrolls print easing pressure on the Fed to tighten further and providing some support to the metal," said Neil Welsh, Head of Metals at Britannia Global Markets, in a note.
Euro falls to 17-month low on Paris fiscal worries
The euro plunged to its lowest level in 17 months against the U.S. dollar on Monday, as a government debt crisis in Paris and severe European bond market fragmentation triggered widespread risk aversion.
The single currency dropped 0.7% to trade at $1.1170 after earlier sinking to $1.1160 - its weakest level since May 2025. The sell-off marks a fourth consecutive weekly retreat for the euro, which has come under relentless pressure as international allocators flee French assets.
The slide in the euro served as the primary engine driving the U.S. dollar higher across major currency pairs. The dollar index, which tracks the greenback against a basket of six major peers, climbed 0.5% to 102.48, brush-off softer domestic macroeconomic prints to capitalize on European cross-border strain.
The euro was down 0.3% against the yen and the Swiss franc, and was trading at its lowest since November 2025 against the Japanese currency.
"For the time being it looks like investors will steer clear of French debt," said ING’s Chris Turner.
Gold on pace for monthly drop as U.S. inflation data looms
Gold prices edged up on Wednesday, but were on pace to notch a monthly drop, as investors geared up for the release of key U.S. inflation data closely watched by the Federal Reserve.
At 09:35 ET (13:35 GMT), spot gold had risen 0.3% to $4,193.62 an ounce, while gold futures had gained 1.1% to $4,223.47 an ounce. Over the last month, spot gold has fallen by more than 6%.
One of the main questions of trading day on Wednesday may revolve around the trajectory for inflation, and how the Federal Reserve will calibrate monetary policy over the coming months to address price gains. These factors are critical for gold, as higher rates can dent the attractiveness of non-yielding assets like gold.
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