OIL FUTURES EXTEND GAINS AFTER REPORT SAYS US NEEDS ABOUT SIX MONTHS TO REACH IRAN DEAL, BRENT LAST UP OVER $4, WTI UP OVER $3

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.

BANK OF ENGLAND'S TAYLOR: WE SHOULD BE ON HOLD ON MONETARY POLICY PENDING MORE CLARITY ABOUT SECOND-ROUND EFFECTS