​EBC Markets Briefing | Crude prices higher; Texas Instruments up roughly 20%

Oil prices rose on Friday after Iran posted video of commandos in a speedboat storming a huge cargo ship after the collapse of peace talks. Trump said he would not set a "timetable" for ending the conflict.

Israel and Lebanon are said to have agreed to extend their ceasefire by three weeks after a high-level meeting between representatives of both countries in the White House Oval Office.

The IEA warned that the world is are facing the biggest energy security threat in history. It also warned of an imminent jet fuel crunch in Europe, with some countries facing shortages within weeks.

There was a surprise gasoline and distillate stock draw in the US in the week ending 17 April, according to the EIA, while crude stocks also dropped more than expected.

The EU is considering requiring countries to hold stockpiles of jet fuel, and potentially redistribute it based on regional needs and shortages, said Europe's energy policy chief.

Goldman Sachs sees Gulf oil output recovering relatively quickly once Hormuz reopens, but cautions that tanker constraints, well damage and country-specific risks could significantly delay a full return to pre-war supply levels.

Brent crude has been rising steadily since one week ago, without clarity on Trump's plan. As such we see the price climb further in the following sessions, until hitting the highs above $103.

Asset recap

As of market close on 23 April, among EBC major products, Texas Instruments shares led gains after raising its outlook on strong demand from industrial customers as well as from the buildout of data centres.

ServiceNow reported Q1 results on that narrowly beat estimates as the conflict in the Middle East dragged on subscription revenue. The company also announced it was expanding its deal with Google Cloud.

The Australian dollar softened amid signs of a prolonged war in Iran. Trump said that he ordered the US Navy "to shoot and kill any boat" that is laying mines in the Strait of Hormuz.

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