Oil price rises, Australian dollar falls as Strait of Hormuz remains effectively shut
The oil price has risen and the Australian dollar has fallen as the Strait of Hormuz remains effectively shut, causing nervousness in global financial markets. The Australian benchmark share index closed up by 0.1 per cent, while the Australian dollar lost 0.7 per cent to 69.6 US cents.
Oil prices have resumed their upward climb due to the Strait of Hormuz remaining closed. The Australian dollar has fallen to 69.6 US cents. The S&P/ASX 200 closed up by 0.1 per cent. Brent crude is up 4 per cent to near $US104 a barrel. The 10-Year Treasury bond remains above 5 per cent, indicating concerns about rising inflation. The Strait of Hormuz closure is a key factor in the financial markets.
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