London — Oil prices jumped to near six-month highs on Tuesday as the US tightened sanctions on Iran, sending shares of energy companies higher but largely failing to help the currencies of the main crude-oil producers. News that the US had told buyers of Iranian oil to stop purchases by May 1 or face sanctions pushed Brent towards $75 a barrel and made for a lively return from the four-day Easter break for Europe’s markets. Oil and gas shares jumped more than 1.7% for their best start in six weeks, though almost every other sector suffered. So did bonds, as higher energy costs hung over profits and nudged up inflation expectations. Foreign-exchange market volatility was still largely absent. The dollar held near a three-week high, but the usual beneficiaries of higher oil prices, the Canadian dollar and Norwegian krone, dipped to $1.33 and $8.52 respectively. “Oil is interesting, but the interesting thing for forex is that we are not getting the usual feed-through in the petrocurren...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now