Ratcheting Up
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Why are oil prices spiking as the U.S. naval blockade expands?
Are things ratcheting up in the Middle East? Well certainly there's not much in the way of peace talks and the Strait of Hormuz remains effectively closed. So yesterday's optimism inequities in the US that's fallen away and oil is pushing higher again today. It's Friday, it's the twenty-fourth of April 2026. It's the morning call from NAB. Good morning. Oil pushing higher again today. Brent and WTI both up three percent. Brent now around a hundred and five a barrel. It did actually get to a hundred and seven point four earlier on in this session. US equities today are down. Uh almost naught point eight percent for the Nasdaq, half percent for the S P. Obviously it couldn't last. Uh shares are down in Europe as well.
Except curiously, the CAC current, which uh had a bad fall yesterday, but it's up naught point nine percent, recovering quite a bit in this session. The US dollar is only a little bit higher than yesterday right now. It did gain some and then lost some. The Aussie is down 0.2%, just below 71.5 US cents. Not really many currency moves other than that. They're pretty limited. Very small moves in bond yields as well. Just one basis point higher for 10-year treasuries. Aussie 10 years did get uh to 5% yesterday and uh today on futures a A couple of basis points further. Nabs Rodriguez Catrill is here today. So it looks like you know our return to hostilities in the Gulf might not be that far away. I mean, both sides obviously are pla playing a waiting game.
I mean the US has already fired one thousand Tomahawk missiles and nearly two thousand air defence missiles. Their stocks are running down.
How is the U.S. market reacting to the latest Gulf and Indian Ocean tensions?
The Wall Street State Journal quotes officials saying it's going to take six years to replenish those stocks that they've lost. So they're not going to rush into firing more missiles. But while they're delaying, obviously the state straights uh remains closed and you know we're no closer to a resolution. I think that's what the market's getting worried about.
Uh Morningfield. Uh no, not close to resolution and and arguably maybe even close to to uh reescalation uh with reports as well that Israel is is just basically waiting for the green light from the US to to start bombing uh Iran again. So and uh that's you know, there's also sort of reports from both sides that Iran has uh stopped vessels or aborted vessels. And similarly the the the the the US is doing something along the lines as well. So um it's it's fair to say that things are getting uh more tense. Yes, we We haven't seen an escalation in terms of uh bombing. Uh but that that that that risk is increasing as be and it's been reflected um in in in the move up in oil prices that we've seen. Um is it's it's quite amazing.
I mean you've seen the volatility in oil prices and We're almost becoming accustomed to this idea of five percent move in oil uh prices a day, which is not normal.
Yeah.
Um and just Brent was, you know, traded low to of eighty six dollars last week and now we are back at one oh seven or testing one oh seven. So
It is pre volatile. Well I mean the the it's words and action, isn't it, right now. So we had uh 'cause President Trump has basically said they're going to shoot and kill any boat which is laying mines in the Straits of Hormuz. But also they ins intercepted two Iranian vessels not in the Strait but in the Indian Ocean, uh including supertankers carrying uh two million litres of oil. Not quite sure what they're gonna do with that, maybe claim it for themselves. Aaron Powell Um and I I think
the the other kind of important uh p point to make about all all these things that that we've also seen reports um that uh within Iran, um and I think that this is kind of related to some of the sort of commentary that uh um I can't remember if it was Ray or or Ken uh making this comment said when it comes to Iran itself, um it's unclear who who is who is the leadership there. And um there's now reports that the RGC is now taking over in terms of the the negotiations, um which they have a more sort of I suppose, um strong stand in terms of trying to to find out so so that's also kind of uh fueling this idea that
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Chapters
7 chapters
1
Why are oil prices spiking as the U.S. naval blockade expands?
0:01–1:35
2
How is the U.S. market reacting to the latest Gulf and Indian Ocean tensions?
1:35–4:07
3
What does the seizure of Iranian tankers mean for global oil supply?
4:07–6:50
4
Are rising oil prices likely to trigger a broader economic slowdown?
6:50–9:48
5
Why are U.S. and UK PMIs outperforming Europe and the Eurozone?
9:48–12:08
6
How are consumer confidence and sentiment shifting across regions?
12:08–14:15
7
What impact could U.S. election dynamics have on the war’s trajectory?
14:15–14:38