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(Bloomberg) — Oil jumped in early Asia trading as Middle East tensions accelerated, while the dollar held gains after hawkish comments from Federal Reserve Chair Kevin Warsh fueled bets on a rate hike next month.
Global benchmark crude gained 2% at the open after the US military on Sunday struck Iranian rocket launchers that were preparing to send mines into the Strait of Hormuz, ending weeks of relative calm. S&P 500 futures edged lower after the underlying index closed 0.3% down following Warsh’s remarks on Friday. The dollar traded in a narrow range against major peers after posting its biggest gain in about a month.
