According to reports in The New York Times, Saudi Arabia and the United Arab Emirates have carried out covert strikes on Iranian territory in retaliation for attacks targeting both monarchies during the ongoing conflict in the Middle East. This is the first time in history that both countries have directly attacked Iran — signalling a clear shift in the regional balance of power. Meanwhile, President Trump announced that Chinese leader Xi Jinping had declared his willingness to help keep the Strait of Hormuz open and assured that Beijing would not supply military equipment to Tehran.
The dollar is strengthening on the back of this, whilst stock market indices are extending their gains, driven by hopes of de-escalation and the reopening of a key oil route responsible for around 20% of global oil supplies.
Market volatility was evident at the close of trading in Europe. The dollar and stock indices are continuing their upward trend. Source: xStation
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