After the recent dramatic events over the weekend and huge insecurity in the Middle East, oil continues to rise in price. After opening at nearly $ 5 above its close on Friday, the price adjusted but again went above $ 60. Over the weekend, drones attacked Saudi Arabia's largest oil field. Shares in Europe and the US remain subdued.
Government securities as security assets, along with the yen and gold, are rising in the face of uncertainty. The Canadian dollar remains under pressure after rising by about 0.5% on opening, following oil.
Despite the sharp jump in the energy sector today, the automotive business helped reduce the price of the S & P500, and the Stoxx Europe 600 recorded a decline.
After the strong bullish start of the month, sentiment is currently being tested. In his statement on the situation, Trump "promised" to help his allies, saying the US was "ready for action." According to the Trump Administration, there was ample evidence that Iran was behind the attack, not the Iranian-backed Yemeni rebels, the Houthis who had earlier accepted responsibility.
Elsewhere, the pound remains under intense pressure today after Prime Minister Boris Johnson met face-to-face with European Commission President Jean-Claude Juncker.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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