S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
US heating oil climbed over 3% to above $4.00 per gallon in late April, extending last week’s 14% gain and hovering near a two-week high, as prolonged Middle East supply disruptions tightened availability for refiners. Although a ceasefire has largely been held since early April, efforts to revive peace talks in the Iran conflict have collapsed.
A US-led blockade remains in place, limiting Iranian maritime activity, while Iran has responded with its own restrictions in the Strait of Hormuz, with reports last week also pointing to gunfire involving commercial vessels. Consequently, vessel movements through the route have dropped to almost zero, disrupting a vital corridor that typically carries around 20 million barrels per day of oil and refined products. Markets note that a sustained closure of the major passageway would force oil demand lower to align with supply already down by at least 10%.
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