US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
China to Inject $45 Billion Into State Financial Institutions 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Gold Prices Rise as Yen Rally Weakens Dollar 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Asian Stocks Mixed as Korean Chipmakers Rally 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
South Korea GDP Surges on Chip and AI Boom 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
UK House Prices Fall for First Time Since 2023 
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Oil prices declined on Wednesday after Russia agreed to U.S. President Donald Trump’s proposal to halt attacks on Ukraine’s energy infrastructure, raising prospects of increased Russian oil supply.
Brent crude futures dropped 12 cents to $70.44 a barrel, while U.S. West Texas Intermediate (WTI) fell 15 cents to $66.75. Russian President Vladimir Putin agreed to pause strikes on Ukrainian facilities but stopped short of a full ceasefire. Analysts suggest this could lead to a potential easing of sanctions, boosting global oil supply and lowering prices.
Additional pressure on oil markets came from growing recession fears linked to U.S. tariffs on Canada, Mexico, and China. However, ongoing geopolitical tensions in the Middle East limited further declines. Trump pledged to hold Iran accountable for Houthi attacks in the Red Sea, while Israel’s airstrikes in Gaza, which killed at least 200 people, raised concerns over regional oil supply disruptions.
Meanwhile, U.S. crude oil inventory data provided mixed signals. The American Petroleum Institute reported a 4.59-million-barrel increase in crude stocks for the week ending March 14, while gasoline and distillate inventories fell by 1.71 million and 2.15 million barrels, respectively. Official government data is expected later Wednesday.
With uncertainty in both supply and demand factors, oil markets remain volatile, balancing potential Russian output increases against Middle Eastern instability.
