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$108,804‘s price has returned to $101,700 as oil prices begin to decline, facing disbelief from oil-rich Iran. Market recovery now seems on the horizon. An agreement is anticipated if the U.S. refrains from a stern response to Iran, and if Israel does not escalate its attacks.
Why Are Cryptocurrencies Surging?
Since Friday, two Federal Reserve (Fed) members mentioned the possibility of a rate cut in July. Recently, a third Fed member, Goolsbee, has also advocated for a rate cut, which is great news for cryptocurrencies.
On another note, Iran’s advance notice to Qatar before the attacks resulted in negligible outcomes, giving rise to a drop in oil prices with the sentiment that “tensions won’t increase.” Iran seems to be defusing public tension and laying the groundwork for the impending agreement with Israel. Despite critical infrastructural damages and the loss of key figures, Iran seems unlikely to escalate matters further.
Oil Market Movements Indicating Change
The oil chart above demonstrates that the market has nearly returned to last Tuesday’s levels, bolstering the likelihood of reaching an agreement.
Fed member Goolsbee made some compelling remarks:
“Thus far, the effects of tariffs have not been as detrimental as feared. The impacts have been mitigated by the reduction of certain tariffs and exemptions. Tariffs have had a less abrupt impact compared to the past. How tariffs influence inflation remains uncertain.”
“If the uncertainty surrounding tariffs dissipates, we should continue with the rate cuts.” (Goolsbee is the third Fed member since Friday to suggest a cut.)
