economy
May 9, 2026
Global markets react to tension in Hormuz with oil price hikes and currency movements
Portafolio Journalist05/08/2026 15:55 Updated: 05/08/2026 15:55
TL;DR
- The conflict escalation has increased pressure on oil, gold, and international currencies.
- Oil prices rose due to concerns about global supply continuity, focusing on the Strait of Hormuz.
- Gold recovered some losses amidst a ceasefire extension, but is down since the conflict's start.
- US monetary policy uncertainty emerged after Kevin Warsh's Senate hearing regarding the Federal Reserve.
- The US dollar index showed a slight retreat amid persistent Middle East uncertainty.
- The euro advanced against the dollar due to expectations of reduced geopolitical tensions.
- The British pound strengthened, supported by perceptions of reduced Middle East tension and UK inflation data.
- Asian markets are monitoring the Bank of Japan's upcoming meeting, with potential signals for monetary normalization.
- Global markets are navigating an environment dominated by geopolitical uncertainty.
- Exness estimates a demand destruction of 4-5 million barrels per day globally.