Oil Prices Set for Weekly Surge as U.S.-Iran Conflict Fuels Supply Fears 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
Oil prices rose in early Asian trading Friday, heading for a second straight week of gains as fresh U.S. sanctions on Iran and new OPEC+ output cuts fueled concerns over tightening global supply.
Brent crude futures gained 0.6% to $72.40 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.6% to $68.52 by 0026 GMT. Both benchmarks are poised to climb about 2% this week—marking their largest weekly gains since early 2025.
The U.S. Treasury introduced new Iran-related sanctions on Thursday, targeting an independent Chinese refiner and other entities involved in moving Iranian crude to China. This marked Washington’s fourth round of sanctions since February, when President Donald Trump renewed his "maximum pressure" campaign aimed at cutting Iran’s oil exports to zero.
Analysts at ANZ Bank expect a potential reduction of 1 million barrels per day (bpd) in Iranian oil exports. Vessel tracker Kpler estimated Iran’s February exports at over 1.8 million bpd but warned that data could be revised due to vessels masking their activities to avoid detection.
Oil prices also found support from a new OPEC+ plan requiring seven members to cut output further. These monthly reductions, ranging from 189,000 bpd to 435,000 bpd, will continue through June 2026. The move is designed to offset previous overproduction and counterbalance an upcoming 138,000 bpd supply increase from April by eight OPEC+ members.
The coordinated actions from OPEC+ and mounting geopolitical tensions are reinforcing bullish sentiment in the oil market, keeping investors alert to potential supply shocks amid ongoing global uncertainties.
