0735 GMT - Oil prices climb 2% as hostilities in the Middle East escalated after the U.S. and Iran exchanged heavy fire. Meanwhile, diplomatic efforts to reopen the Strait of Hormuz and end the war have shown little progress after days of mixed messages from both sides. "Market pessimism once again grows over the prospects of a U.S.-Iran deal that could pave the way for a reopening of the Strait of Hormuz," analysts at Saxo Bank say. Still, "for now, the risk premium continues to be partly offset by President Trump's repeated insistence that an interim agreement remains within reach." In early European trading, Brent crude rises 2% to $97.89 a barrel, while WTI futures are up 2.1% to $95.78 a barrel. The benchmarks are up 6% and 8% on the week, respectively. (giulia.petroni@wsj.com)
Gold Coming Under Pressure Before U.S. Non-Farm Payrolls Report -- Market Talk
0718 GMT - Gold is coming under pressure below the $4,500 an ounce level, as the market turns cautious ahead of the U.S. non-farm payrolls report due out this Friday, XS.com's Simon-Peter Massabni says in an email. Investors appear to be refraining from opening large new positions before the release of the data, which could influence expectations for the Fed's interest-rate trajectory, the head of Business Development says. "Without a clear signal from the data, gold is likely to continue trading in a consolidative pattern," Massabni adds. Spot gold is 0.4% lower at $4,469.31 an ounce. (ronnie.harui@wsj.com)
