Oil prices jumped higher on early Friday trading after Israel retaliated against Iran by attacking targets in the Western of the country, two US officials confirmed to Bloomberg. Iran restricted its airspace and confirmed together with the United Nations nuclear watchdog that no nuclear facilities were hit. The retaliatory attack adds to the possibility of a direct confrontation between Israel and Iran after years of a proxy war between the two.
The US Dollar is seeing substantial inflow from several fronts: flight to safe-haven assets is the main one as investors seek refuge amid fears that the attack could be an inflection point, dragging the whole Middle East in this dispute. Secondly, the Greenback also benefits from the recent spike in energy prices, particularly Oil, as it could cause a second-round effect in inflation in the coming months if this situation lingers on for an extended period. This opens room for even another interest-rate hike from the US Federal Reserve (Fed), although it is not the base case scenario for nearly every Fed member.
Crude Oil (WTI) trades at $83.08 and Brent Crude at $87.55 at the time of writing.
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