• WTI Oil breaks out of its downtrend since October. 
• China diplomats have urged Iran to keep control of Houthi rebels. 
• The US Dollar Index broke out of tight range and holds good cards to jump higher. 

Oil prices are paring back earlier gains after Oil prices surged near 6% since its opening price on Monday for this week. The moves came after more and more shipping companies called for the longer haul around Africa instead of venturing the Suez passage via the Red Sea. Meanwhile China has opened up a fresh can of diplomats who have urged several key Iran personal and key military people to keep a lid on the Houthi rebels and defuse the tension in the Red Sea. 

Meanwhile, the US Dollar Index (DXY) defied friend, foe and gravity with a substantial surge in the DXY on Thursday. The move came on the back of a double-score with positive US Gross Domestic Product and Durable Goods orders. Some headwinds are emerging though with the Personal Consumption Expenditure (PCE) on the docket this Friday, and markets looking for a further decline in US inflation