Summary
- Iran's move to cut off its communication channel with the US sent oil prices sharply higher and increased market volatility.
- West Texas Intermediate (WTI) rose $4 intraday, marking a 3.64%% gain.
- Over the same period, gold prices fell below $4,610 an ounce, while the Nasdaq and the S&P 500 each dropped more than 1%%.
Forecast Trend Report by Period
Oil prices surged after Iran cut off its communication channel with the US, adding to market volatility. The move underscored how quickly geopolitical risk is being reflected in energy prices.
According to crypto-focused media outlet Odaily on April 7, West Texas Intermediate crude rose $4 intraday after Iran halted the channel, extending its gain to 3.64%.
Safe-haven assets were mixed over the same period. Gold extended its decline, slipping below $4,610 an ounce, with losses reaching about $40.
Global equities also weakened. The Nasdaq and the S&P 500 each fell more than 1%.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
