Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Oil prices slipped slightly in Asian trading on Wednesday, despite optimism that the U.S. government was close to ending its record-breaking 42-day shutdown. The temporary support from the potential reopening was outweighed by lingering fears of an oil supply glut and a strong U.S. dollar that continued to pressure the market.
Brent crude futures for January edged down 0.2% to $65.04 per barrel, while West Texas Intermediate (WTI) crude also fell 0.2% to $60.85 per barrel by 20:21 ET (01:21 GMT). The modest losses came as traders weighed the impact of political and economic developments in the world’s largest oil consumer.
The U.S. Senate approved a bill on Tuesday to reopen the government, with the House of Representatives expected to vote in favor on Wednesday. Once signed into law by President Donald Trump, the measure will officially end the longest shutdown in U.S. history. The prospect of restored federal operations provided some support to crude markets, as the shutdown had caused widespread disruptions across several sectors, including travel and energy logistics.
Airports across the U.S. faced significant challenges due to staffing shortages in air traffic control and safety departments, resulting in thousands of flight cancellations. These disruptions dampened fuel demand, compounding pressure on oil prices even as traders looked for positive signals from Washington.
Meanwhile, concerns over global supply continued to weigh heavily on sentiment. Reports indicated that Russia’s Lukoil declared force majeure at an Iraqi oilfield, a move linked to the tightening U.S. sanctions on Moscow’s energy sector. The development highlighted growing geopolitical risks in global oil markets, but the potential for oversupply—driven by steady output from major producers—remained the dominant theme restraining price recovery.
Overall, traders remain cautious as oil markets balance geopolitical tensions, U.S. policy shifts, and persistent fears of excess supply that could cap price gains in the near term.
