Crude oil extended a run of sharp weekly gains after tankers were struck in the waters around the Strait of Hormuz, a route that carries a large share of the world's seaborne oil. Refiners are already reporting a related strain: some are favoring gasoline and diesel output over ship fuel, raising the risk of a shortage for the vessels that move global trade.
Gold held near $4,400 an ounce, supported by the same Middle East tensions and by a stronger-than-expected U.S. payrolls report that has lifted expectations for a Federal Reserve interest-rate hike. Yet the dollar got little lift from those firmer hike bets, a divergence that suggests traders are treating the rate story and the safe-haven story as separate trades rather than reinforcing ones.
What remains unresolved is how long the tanker attacks persist and whether they escalate into wider disruption of Hormuz shipping traffic, which would matter far more for oil than the current strikes have so far.