The continued conflict in The Middle East has kept Oil prices elevated above $100 per barrel as the war seems set to continue after an Israeli air strike killed Iran Security Chief Ali Larijani.

Last week was a difficult one for Sterling. Cable closed out the week at 1.3220, and with oil prices breaching $100 per barrel once again, the broader macro backdrop remains unsettled.

Markets end the week with the U.S. Dollar remaining firmly supported as geopolitical tensions in the Middle East continue to dominate sentiment. Rising oil prices and disruption to shipping through the Strait of Hormuz have pushed investors toward safe-haven assets, and raised concerns about inflation returning.

Oil prices have risen above $100 per barrel due to increasing signs of energy market disruptions, even after 32 countries agreed a deal for the biggest ever energy reserve release.

Oil prices fell further earlier this morning after a release by the Wall Street Journal suggested the International Energy Agency was planning its largest ever emergency oil reserve release to attempt to offset the impact of the Iran war.

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The past week has been unlike almost any other in recent memory for global markets. The joint US–Israeli military campaign against Iran, launched on 28 February under the codename Operation Epic Fury, has rapidly escalated into what analysts are now describing as the most significant geopolitical shock to energy markets since the Gulf War.

Investor sentiment has been shaken further by the escalating conflict across the Middle East, which has now entered its seventh day.