Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
US President Donald Trump continues to dominate the news cycle and his latest round with reporters in the Oval Office provided more headlines and market moves this morning. It’s only Tuesday and already a volatile week for oil, which remains the focus of trading action.
Market participants – So are we journalists – Need to stay on their toes to keep up with developments.
Here’s what you need to know today
Oil prices rose more than 2% on Tuesday as uncertainty over a US-led coalition to protect shipping through the Strait of Hormuz. President Donald Trump suggested on Monday that the coalition was not fully in place as he urged other countries to get involved.
He expresses his frustration that “some people are too enthusiastic, and some are less than enthusiastic… and I think some people don’t make it.”
Washington, meanwhile, is looking to postpone a meeting between Trump and Chinese President Xi Jinping amid the conflict with Iran. At a press conference in the Oval Office, he said, “There are no tricks to it. It’s very simple. We’re fighting a war. I think it’s important that I’m here.”
In the Middle East, the United Arab Emirates reopened its airspace on Tuesday after a brief shutdown as Iran continued missile and drone attacks. The UAE’s Ministry of Defense said the Air Defense Forces have so far intercepted more than 300 ballistic missiles and 1,600 drones.
Volatility has led to an increase in interest rates by the Reserve Bank of Australia. The central bank raised its benchmark policy rate for the second time in a row, raising concerns about inflationary risks stemming from the war in Iran.
In the stock markets, Asia-Pacific shares rose on Tuesday as auto and tech stocks eked out gains Nvidia It announced robust revenue forecasts for its flagship chips, and partnerships with regional carmakers. European and US futures lacked direction in early trade.
– Leonie Kidd
And finally…
Why traders are nervous about Iran’s $200 oil warning
Energy analysts and traders said Monday that they would not be surprised if oil prices rise to $200 per barrel as the Middle East crisis drags on.
It comes as the US- and Israeli-led war on Iran continues to disrupt oil production and shipping in the region, with traffic through the strategically important Strait of Hormuz effectively halted in recent weeks.
– Sam Meredith
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(tags to translate)World Markets(T)Markets(T)WTI Crude (Sep’25)(T)ICE Brent Crude (Oct’25)(T)Donald J. Trump
