Zürcher Nachrichten - Oil rebounds as markets track Iran-Israel ceasefire

EUR -
AED 4.293297
AFN 80.91457
ALL 97.787182
AMD 448.803483
ANG 2.093049
AOA 1072.008381
ARS 1467.658759
AUD 1.776114
AWG 2.107191
AZN 1.992006
BAM 1.954944
BBD 2.359867
BDT 142.117771
BGN 1.954944
BHD 0.440607
BIF 3482.375178
BMD 1.169038
BND 1.495545
BOB 8.093456
BRL 6.502078
BSD 1.168788
BTN 100.194128
BWP 15.604167
BYN 3.824825
BYR 22913.14706
BZD 2.347672
CAD 1.60129
CDF 3373.844424
CHF 0.929041
CLF 0.028934
CLP 1110.323824
CNY 8.380309
CNH 8.386416
COP 4691.84559
CRC 589.441902
CUC 1.169038
CUP 30.97951
CVE 110.21674
CZK 24.665189
DJF 208.128867
DKK 7.461795
DOP 70.379183
DZD 151.705573
EGP 57.855667
ERN 17.535572
ETB 161.021794
FJD 2.621276
FKP 0.865592
GBP 0.864385
GEL 3.16855
GGP 0.865592
GHS 12.154678
GIP 0.865592
GMD 83.590727
GNF 10140.559771
GTQ 8.978069
GYD 244.522931
HKD 9.175551
HNL 30.573613
HRK 7.533988
HTG 153.40283
HUF 399.5543
IDR 18972.787189
ILS 3.894218
IMP 0.865592
INR 100.333285
IQD 1531.029611
IRR 49231.122092
ISK 142.400984
JEP 0.865592
JMD 186.898163
JOD 0.828894
JPY 171.328427
KES 151.00388
KGS 102.232832
KHR 4685.948172
KMF 492.340851
KPW 1052.134304
KRW 1612.291055
KWD 0.357481
KYD 0.973974
KZT 610.66261
LAK 25187.970987
LBP 104720.046415
LKR 351.4761
LRD 234.337391
LSL 20.841074
LTL 3.451866
LVL 0.70714
LYD 6.314235
MAD 10.527091
MDL 19.787336
MGA 5177.732835
MKD 61.508068
MMK 2454.436143
MNT 4192.33892
MOP 9.450262
MRU 46.492642
MUR 53.144915
MVR 18.007558
MWK 2026.612611
MXN 21.771042
MYR 4.971339
MZN 74.772119
NAD 20.841074
NGN 1786.89858
NIO 43.011167
NOK 11.839321
NPR 160.310805
NZD 1.940152
OMR 0.449493
PAB 1.168788
PEN 4.144385
PGK 4.831884
PHP 66.037214
PKR 332.363469
PLN 4.253138
PYG 9058.033774
QAR 4.260834
RON 5.081579
RSD 117.098726
RUB 91.210062
RWF 1688.860502
SAR 4.384482
SBD 9.733981
SCR 16.480784
SDG 702.011685
SEK 11.176827
SGD 1.494854
SHP 0.91868
SLE 26.307644
SLL 24514.149043
SOS 667.907544
SRD 43.49699
STD 24196.728708
SVC 10.226522
SYP 15199.664267
SZL 20.847871
THB 37.929486
TJS 11.295954
TMT 4.103324
TND 3.419503
TOP 2.738009
TRY 46.93731
TTD 7.940523
TWD 34.1849
TZS 3029.973271
UAH 48.831018
UGX 4189.165697
USD 1.169038
UYU 47.259307
UZS 14766.534203
VES 133.584256
VND 30528.845862
VUV 139.872984
WST 3.045943
XAF 655.669903
XAG 0.030452
XAU 0.000348
XCD 3.159384
XDR 0.815443
XOF 655.669903
XPF 119.331742
YER 282.732293
ZAR 20.949587
ZMK 10522.750076
ZMW 27.056153
ZWL 376.429796
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Oil rebounds as markets track Iran-Israel ceasefire
Oil rebounds as markets track Iran-Israel ceasefire / Photo: Andrew Harnik - GETTY IMAGES NORTH AMERICA/AFP

Oil rebounds as markets track Iran-Israel ceasefire

Oil prices recovered slightly and European stock markets fell Wednesday as traders assessed whether the Israel-Iran ceasefire would endure.

Text size:

Focus was also on a NATO summit that is expected to sign off a sharp increase to military spending by the United States and its allies.

The dollar recovered mildly, having slumped Tuesday after Federal Reserve boss Jerome Powell did not rule out the prospect of cut to US interest rates, as President Donald Trump's tariffs war risks slowing the economy.

"Optimism about the fragile ceasefire holding between Iran and Israel has bubbled through markets... but more doubts are now creeping in about the truce holding," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Asian stock markets closed higher following rallies on Wall Street and in Europe Tuesday on news of the ceasefire declared by Trump.

The world's main oil contract, Brent North Sea crude, climbed close to one percent Wednesday, having tumbled almost seven percent Tuesday.

Brent and the main US crude contract, WTI, had soared Monday in the first reaction to the US bombing of Iran.

Trump on Wednesday said the US strikes resulted in the "total obliteration" of Iran's nuclear capabilities, setting the country's atomic programme back by "decades".

"They're not going to be building bombs for a long time," he said, adding that the ceasefire between Israel and Iran was going "very well".

Trump's comments were made in The Hague, where the president struck a conciliatory tone towards NATO allies, framing an expected deal on increased defence spending as a "great victory for everyone".

Trump appeared keen to share the plaudits for a deal set to see the 32 countries commit to spending five percent of output on defence by 2035.

"Hot geopolitics is the big subject of the debate at the NATO summit and has prompted nations to pledge to sharply increase their military spending targets," Streeter added.

She said the deal was likely to support share prices of defence groups, even if "much of the spending expectations have already been baked into valuations".

The share price of British defence company Babcock International surged 13 percent in London trading Wednesday, helped by its strong earnings update and a plan to repurchase shares.

- Key figures at around 1045 GMT -

Brent North Sea Crude: UP 0.8 percent at $66.68 per barrel

West Texas Intermediate: UP 0.9 percent at $64.94 per barrel

London - FTSE 100: DOWN 0.1 percent at 8,753.44 points

Paris - CAC 40: DOWN 0.2 percent at 7,598.84

Frankfurt - DAX: DOWN 0.4 percent at 23,550.02

Tokyo - Nikkei 225: UP 0.4 percent at 38,942.07 (close)

Hong Kong - Hang Seng Index: UP 1.2 percent at 24,474.67 (close)

Shanghai - Composite: UP 1.0 percent at 3,455.97 (close)

New York - Dow: UP 1.2 percent at 43,089.02 (close)

Euro/dollar: DOWN at $1.1604 from $1.1625 on Tuesday

Pound/dollar: DOWN at $1.3606 from $1.3616

Dollar/yen: UP at 145.72 yen from 144.89 yen

Euro/pound: UP at 85.29 pence from 85.24 pence

burs-bcp/ajb/lth

D.Graf--NZN