UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
ECB Rate Hike in Focus as Oil Tops $100 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
South Korea GDP Surges on Chip and AI Boom 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
Asian Stocks Mixed as Korean Chipmakers Rally 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
China Inflation Accelerates in August as CPI, PPI Rise 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
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Oil Prices Decline Amid Easing Middle East Tensions
Oil prices fell sharply in early Asian trading on Monday, driven by reduced fears of a Middle East conflict after Israel’s recent military strike on Iran was less damaging than anticipated.
Impact of Israeli Strike on Oil Prices
Brent Oil Futures for December delivery decreased by 4.1%, settling at $72.97 per barrel, while West Texas Intermediate crude futures dropped 4.2% to $68.76 per barrel as of 19:57 ET (23:57 GMT). Both contracts approached their lowest levels since early October. The Israeli strike targeted several Iranian military installations but notably avoided major oil production and nuclear sites, assuaging fears of a significant escalation that could disrupt oil supplies from this crude-rich region.
Iran’s Response and Ongoing Conflict
While Iran downplayed the attack’s impact, it threatened retaliation. Although the recent strike alleviated concerns about an immediate conflict escalation, the broader situation in the Middle East remains tense, with Israel continuing its offensive against Hamas and Hezbollah.
Upcoming Economic Data Influencing Oil Demand
Beyond geopolitical tensions, this week will see the release of crucial economic data that could further influence global oil demand. Reports on U.S. and eurozone gross domestic product (GDP) are expected soon, alongside the PCE price index, which is the Federal Reserve's preferred inflation gauge. Additionally, the Purchasing Managers' Index data from China, the world’s largest oil importer, will provide insights following significant recent stimulus measures.
