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US-Iran Disagreements Persist, US Oil Opens Slightly Higher
On May 28, WTI crude oil opened slightly higher due to ongoing disagreements between the United States and Iran regarding the reopening of the Strait of Hormuz. Trump expressed his dissatisfaction with the negotiations. The White House denied reports from Iran about a draft agreement, which stated that Iran and Oman would oversee shipping in the strait. Despite facing challenges, there remains optimism that the warring parties could at least reach a temporary agreement, leading to expectations of a second consecutive week of decline in oil prices. The crux of these protracted negotiations includes Iran's desire to retain control over the Strait of Hormuz and the fate of the country's nuclear program. Joe DeLaura, a global energy strategist at Rabobank, stated, 'The oil market is currently too complacent. The release of strategic oil reserves is helping to buffer some of the supply losses caused by the war.'
On May 28, WTI crude oil opened slightly higher due to ongoing disagreements between the United States and Iran regarding the reopening of the Strait of Hormuz. Trump expressed his dissatisfaction with the negotiations. The White House denied reports from Iran about a draft agreement, which stated that Iran and Oman would oversee shipping in the strait. Despite facing challenges, there remains optimism that the warring parties could at least reach a temporary agreement, leading to expectations of a second consecutive week of decline in oil prices. The crux of these protracted negotiations includes Iran's desire to retain control over the Strait of Hormuz and the fate of the country's nuclear program. Joe DeLaura, a global energy strategist at Rabobank, stated, 'The oil market is currently too complacent. The release of strategic oil reserves is helping to buffer some of the supply losses caused by the war.'
Black Thursday saw Bitcoin take a plunge, with Iran-U.S. Tensions Rising
BlockBeats News, May 28th, according to an exchange market data, on Thursday morning, Bitcoin led the crypto market to plunge, quickly dropping to a new low in over a month before recovering slightly to now trade at $74,453. As a result, liquidations across the network amounted to $160 million in a 4-hour period, with long liquidations totaling $151 million.
On the news front, there was an explosion in Iran's Abbas Port around 5 am UTC+8 today, with the air defense system being activated for several minutes. In addition, the U.S. military has stated that it has been deployed and is prepared to attack Cuba at any time.
In the U.S. stock market, the three major indices closed slightly higher, with tech stocks showing mixed performance. The Dow Jones rose by 0.36%, the S&P 500 increased by 0.02%, and the Nasdaq went up by 0.07%. Micron Technology (MU.O) rose by 3.63%, hitting a new high, while Qualcomm (QCOM.O) fell by over 6% and Intel (INTC.O) dropped by 1.4%.
BlockBeats News, May 28th, according to an exchange market data, on Thursday morning, Bitcoin led the crypto market to plunge, quickly dropping to a new low in over a month before recovering slightly to now trade at $74,453. As a result, liquidations across the network amounted to $160 million in a 4-hour period, with long liquidations totaling $151 million.
On the news front, there was an explosion in Iran's Abbas Port around 5 am UTC+8 today, with the air defense system being activated for several minutes. In addition, the U.S. military has stated that it has been deployed and is prepared to attack Cuba at any time.
In the U.S. stock market, the three major indices closed slightly higher, with tech stocks showing mixed performance. The Dow Jones rose by 0.36%, the S&P 500 increased by 0.02%, and the Nasdaq went up by 0.07%. Micron Technology (MU.O) rose by 3.63%, hitting a new high, while Qualcomm (QCOM.O) fell by over 6% and Intel (INTC.O) dropped by 1.4%.