The Middle East war is ramping up further, with Yemen joining Iran, blockading Saudi Arabia and attacking shipping in the Red Sea. The US has threatened massive retaliation and is said to be considering the use of ground forces. This was enough to surge oil prices, heading towards US$95/barrel, which will trigger fears of a full-blown global energy crisis. Equity markets tumbled and bond yields spiked upwards, in response. The safety of the US Dollar was sought, with the EUR falling to 1.1370, while the GBP slumped to 1.3300.Commodity currencies were not immune to the rising reserve, with the AUD falling to 0.6965, while the NZD crashed to 0.5770. The energy dependent nations are extremely vulnerable to the growing global energy crises, not just in price, but supply.
