Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
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 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Oil prices slipped in Asian trade on Tuesday, hovering near five-month lows as concerns about a global supply glut and weakening demand weighed heavily on market sentiment. The easing of geopolitical tensions in the Middle East and lower expectations of new U.S. sanctions on Russia further reduced risk premiums that had previously supported crude prices.
Brent crude futures for December dropped to $61.00 per barrel, while West Texas Intermediate (WTI) crude fell 0.1% to $57.45 per barrel by 20:29 ET (00:29 GMT). Both benchmarks extended their three-week losing streak, reflecting persistent market worries about oversupply and slowing global energy consumption.
Data from analytics firm Vortexa revealed that over 1.2 billion barrels of crude are currently in transit, signaling an excess of oil supply. This surge stems from increased output by the Organization of Petroleum Exporting Countries and its allies (OPEC+), which have been steadily unwinding production cuts implemented over the past two years. Rising exports from the Americas, particularly the U.S. and Brazil, have further expanded global supply levels, following U.S. President Donald Trump’s push for higher domestic energy output and lower fuel prices.
Geopolitical developments also contributed to market pressure. A U.S.-brokered ceasefire between Israel and Hamas appeared to be holding after a weekend of violence that left nearly 40 dead, leading traders to discount risks of further disruptions in Middle Eastern oil supply. Meanwhile, reports suggesting Trump urged Ukrainian President Volodymyr Zelensky to concede territory to Russia reduced expectations of tougher sanctions on Moscow’s energy exports.
Analysts at ANZ noted that Trump’s shifting stance on the Russia-Ukraine conflict has lowered the likelihood of new restrictions on Russian oil, keeping its exports steady and intensifying global oversupply concerns.
