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International oil prices are surging as military tensions escalate in the Strait of Hormuz amid the approaching ceasefire deadline between the United States and Iran.
According to Bloomberg, Brent crude futures for June delivery were up 6.14% from the previous session to $95.93 per barrel as of 8:30 AM KST on the 20th.
U.S. West Texas Intermediate (WTI) crude futures for May delivery surged 7.35% from the previous session to $90.01 per barrel.
On the 17th, Brent and WTI futures had plummeted by 9.1% and 11.5% respectively, on news of the reopening of the Strait of Hormuz.
However, over the weekend, news emerged that Iran attacked a merchant ship in the Strait of Hormuz and the U.S. seized an Iran-related vessel, causing international oil prices to reverse course and surge again.
At the same time, major index futures on the New York stock market, including Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures, are showing weakness in the 0.6-0.8% range.
Harris Kourshied, CIO of Carova Capital, told Bloomberg, "The market is still reflecting a risk premium ahead of the ceasefire deadline, but it's not fully betting on that risk premium."
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