WTI Oil surged to 77.98$, US Natural gas hit a high of 3.19$ yesterday

MUMBAI, 4 MARCH: Oil and Natural gas prices soared after there were multiple production cuts announced by major producers across the gulf. Iran also said that they will be targeting ship transiting through strait of Hormuz. WTI Oil prices surged to 77.98$/bbl whereas US Natural gas prices hit a high of 3.19$/mmbtu yesterday. We expect markets to take cues from geopolitical scenarios but comments from FOMC members during the week on interest rate and inflation will be of utmost important as the US Fed heads into its meeting on Mar. 18.

COMMODITIES

Currencies offshore

Commodities except energy counters came under selling pressure after US President Donald Trump said that the war in the middle east may last for several weeks.Traders shifted positions to the US Dollar sending the greenback to highest levels since Jan. 2026. hitting a high of  99.68. Markets are worried that a prolonged conflict will increase inflation across the countries due to a jump in energy prices and shipping costs. A rise in inflation means that the US central bank will have to prepare the markets for rate hikes and turn hawkish until there is clarity in the situation. Meanwhile, President Trump said that he rejected Iran’s appeal for negotiations saying that it was too late and the US will continue to go ahead with its operation until all the objectives are achieved. Iran meanwhile, continue to retaliate by targeting US bases across the gulf nations.

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(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)