We are seeing the first signs of the ceasefire between the US and Iran breaking down amid a re-escalation in the Persian Gulf. ICE Brent rallied 5.8% yesterday to settle above $114/bbl.
European gas prices also moved higher yesterday following the escalation in the Persian Gulf.
Gold extended its decline for a second straight session, with spot prices hovering near $4,500/oz yesterday, as US Treasury yields moved higher amid the rally in oil prices.
