The start of the week was not a comfortable one for the global market. Alongside news of intensifying conflict in the Gulf region came Iran’s claim that the Hormuz Strait had again been closed. The news instantly lifted the oil market and put shares under pressure.
Most Asian share indices were down on Monday morning, and fears of global inflation resurfaced once more.
The geopolitical tension also affected currency and bond markets. In such a situation, investors look for safe assets, so the dollar strengthened and yields on US government bonds rose.
The market now believes that if inflation risk rises anew, the US central bank, the Federal Reserve, may again raise interest rates. At such a time, the Fed’s new chairman, Kevin Warsh, is due to speak to the US Congress for the first time on Tuesday, and the world market is watching for his remarks.
US inflation data for June is also due to be published on Tuesday. As energy prices fell somewhat in the past few weeks, inflation may ease slightly; but according to analysts, that relief will not last long, as oil prices have started rising again.
On the global market on Monday morning, the price of Brent crude oil jumped 4.1 percent to $79.11 a barrel; only a few days ago it had been $70.14. Similarly, the price of US WTI crude also rose 4.1 percent to $74.37 a barrel, amid concerns over the Hormuz Strait.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report