Crude oil prices climbed to a four-year peak on Tuesday, boosted by the forthcoming U.S. sanctions on Iranian crude exports. OPEC+ (Russia) decided not to increase output despite U.S. President Trump’s provocation to “get prices down now!”.
European markets, Asian markets, US stock index futures have in common that they were hit by investors’ concerns about the escalating trade war. The pessimism among the traders is widespread. Trade worries increase following China’s accusations against Trump’s administration the United States of “trade bullying”.
The British pound dropped to $1.3218, from the two-month highs of $1.3295 hit on Thursday, following the rejection of May’s Brexit Plan by the EU leaders and ahead of her forthcoming statement.
New steps towards denuclearization were made in a 3-day summit in North Korea. The North Korean leader Kim Jong Un and the South Korean President Moon Jae-in met for another round of talks.
China is striking back to Trump’s fresh tariffs. The US administration imposed new tariffs just few days after USA’s invitation to China for another round of trade talks.