Good news for motorists, truckers, farmers, and the broader economy: oil is down again. Brent crude settled at US$92 ($133) per barrel, while West Texas Intermediate (WTI) fell to US$87 per barrel.
US President Donald Trump said further attacks on Iran were ‘highly unlikely’ while negotiations to end the conflict continued. However, shipping attacks near the Strait of Hormuz mean supply concerns have not disappeared.
The fall in oil prices helped markets recover after last week’s heavy sell-off. The Nasdaq rose 2.7% and the S&P 500 gained 2.4%. Australian SPI futures were up 1.1%. Metals rallied, too, with copper rising 2%, gold gaining 1.7%, and silver climbing 2.7%. US bond yields edged higher, while market volatility eased.
Meanwhile, NVIDIA (NASDAQ:NVDA) shares remain under pressure following reports that CEO Jensen Huang had been targeted by a Chinese intelligence effort. Huang has acknowledged having an affair with a woman suspected of links to Chinese intelligence, prompting the company’s board to launch an independent investigation. NVIDIA shares are down about 22% over the past month.
Source: Porter & Co
Write to Callum Newman at Mining.com.au
Main image: Unsplash
