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Iranian state television, citing Iranian military sources, reported that it had struck US camps and bases in Kuwait and Jordan.Irans Revolutionary Guard: Four "illegal" oil tankers attempting to pass through the Strait of Hormuz were intercepted in a joint missile and drone operation.On July 18, the Iranian Islamic Revolutionary Guard Corps issued a statement saying that two oil tankers exploded and caught fire while passing through a mine-laying area in the southern part of the Strait of Hormuz. The statement emphasized that due to recent US military operations, the Strait of Hormuz is "completely closed," and oil and gas transport cannot proceed through the strait until the US ceases its military operations against Iran. Ships should avoid entering the mine-laying area. The statement did not specify the nationalities of the two oil tankers, the number of casualties, or the extent of damage.According to Iranian state television, the Iranian Revolutionary Guard stated that two oil tankers exploded and caught fire after passing through a mine-torn shipping lane south of the Strait of Hormuz.On July 18, Irans Islamic Revolutionary Guard Corps announced that its forces attacked US facilities in Bahrain, destroying a US unmanned surface vessel storage facility and striking an artificial intelligence center used to assist US forces in target acquisition. Iran stated that this action was a response to previous US attacks on Iranian infrastructure, including bridges, and warned that if the US continues to attack Iranian targets, Iran will expand its strikes to target US industrial, technological, and artificial intelligence-related assets in the Middle East.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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