Oil markets had a turbulent Thursday as crude prices climbed to three-week highs, US Bitcoin funds saw heavy withdrawals, and Britain moved to raise import duties on Chinese construction equipment. Here is what mattered today.
Brent crude jumps 5% to $105 as Hormuz attacks hit a record
Brent crude surged about 5% to roughly $105.46 a barrel, moving above $105 for the first time in three weeks, while US benchmark WTI rose about 5% to near $92.82. Fresh drivers behind the spike: a record 10 tankers were struck in the Strait of Hormuz between September 28 and October 4, the highest weekly count of the war according to Kpler, and only seven tankers transited the strait on Tuesday, the lowest since July 23 and under half the seven-day average. Hurricane Isaias strengthened to a Category 1 storm heading for the Gulf Coast on Friday, with about 25% of US offshore oil production and 16% of gas shut in as Shell and Chevron curtailed operations. European diesel closed 6% higher. The inflation scare spread to bonds and stocks: the 10-year gilt reached 5.49%, the 10-year US Treasury 5.34%, and equities fell.
Britain proposes steep anti-dumping duties on Chinese boom lifts
The UK Trade Remedies Authority has proposed anti-dumping duties of up to 82.89% on Chinese boom lifts: 21.01% for Dingli, 48.92% for LGMG, 27.67% for other cooperating firms, and 82.89% for non-cooperators. The authority found Chinese imports undercut UK prices by more than 25%; the duties would apply for five years if approved, replacing temporary duties raised since August 20. This is the second UK anti-dumping case on Chinese goods this week, after the rutile titanium dioxide case. Separately, the first day of the China-EU trade round took place in Beijing on October 8, with Commissioner Sefcovic carrying an “unsustainable deficit” message; no outcome has been reported yet.
US Bitcoin ETFs suffer their biggest outflow since June
US spot Bitcoin ETFs posted their largest outflow since June, with Fidelity and ARK 21Shares losing another $206.8 million. Bitcoin traded near $82,674, down 1.7% over 24 hours in a day range of $82,317 to $84,340. Analysts Daan Crypto Trades and Ted Pillows say $83,000 is the level bulls must retake and hold; failure opens the way to $75,000-$72,000 on higher timeframes. Macro pressure continues, with December Fed rate-hike pricing rising and the 10-year Treasury at 5.34% and the 30-year at 5.70%.
Trump advisers said to favor delaying Iran strikes until after midterms
According to a fresh report, some of President Trump’s advisers believe any strikes on Iran should come after the US midterm elections rather than before, while some supporters argue pre-midterm action could demonstrate military success. Trump has still made no final decision. This remains a watch item with no direct trade impact yet.
Market snapshot
Bitcoin held near $82,700 under pressure below $83,000, with Ether around $2,570. Brent crude sat near $105.50, a three-week high, and WTI near $92.80. Gold traded around $4,080-$4,145. The 10-year US Treasury yield stood at 5.34% and the dollar index near 102.5.
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