SNB'S SCHLEGEL SAYS: THE CONFLICT IN THE MIDDLE EAST HAS PUSHED UP ENERGY PRICES SNB'S SCHLEGEL SAYS: THE SWISS FRANC IS ONE OF THE FEW SAFE HAVENS TODAY

Iron ore prices are higher in early Asian trade, likely boosted by China's resilient economic growth in 1Q. China's economy grew 5.0% in 1Q from a year ago, accelerating from the 4.5% gain in the prior quarter and beating market expectations of a 4.9% increase. Meanwhile, higher diesel prices due to the Middle East conflict raise production and transportation costs, boosting iron ore prices, Galaxy Futures says in a research note. "Unless the U.S.-Iran conflict escalates to extremes, it is unlikely to reverse the pricing logic of a loose supply and demand situation," it adds. The most-traded iron-ore contract on the Dalian Commodity Exchange is 2.2% higher at 776 yuan a ton.

US CENTCOM: NAVAL VESSELS ARE ON PATROL IN THE GULF OF OMAN AS CENTCOM CONTINUES TO EXECUTE A US BLOCKADE ON SHIPS ENTERING AND DEPARTING IRANIAN PORTS