Morning bid: Oil surges on US blockade of Iran
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Oil futures surged over $100 following the U.S. blockade of Iranian ports, escalating tensions amid stalled U.S.-Iran talks. This blockade could cut global oil supply by up to 2 million barrels per day. Soft commodities rose due to fears of supply disruptions, while bonds fell on inflation concerns. The Hungarian forint strengthened after Viktor Orban's election defeat, potentially unlocking EU funding. As U.S. earnings season begins, markets remain sensitive to geopolitical developments and economic indicators, with Goldman Sachs set to report soon.
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