Oil Prices Steady as U.S.-Iran Truce Uncertainty and Middle East Tensions Keep Markets on Edge 
Europe EV Demand Surges as Fuel Prices Rise Amid Iran Conflict 
Fed Chair Kevin Warsh Signals Policy Overhaul as Hawkish Rate Outlook Rattles Markets 
Dollar Hits One-Month High as Hawkish Fed Outlook Boosts Greenback 
Asian Currencies Steady as Dollar Holds Firm Ahead of Fed Decision and US-Iran Deal Details 
Australia Eases Capital Gains Tax Reforms to Support Small Businesses and Startups 
Yen Near 40-Year Lows Despite BOJ Rate Hike, Markets Brace for Possible Intervention 
Canada Imposes 10% Tariff on Canned Vegetable Imports to Protect Domestic Industry 
Russia Stocks End Flat as MOEX Index Hits New 52-Week Low; Gold Falls and Oil Mixed 
Trump Questions USMCA Renewal as Trade Talks Continue 
Dollar Surges After Fed Holds Rates Steady, Signals Potential Tightening Ahead 
Canada, British Columbia Launch $5 Billion Infrastructure Partnership to Boost Housing, Transit, and Healthcare 
US Stock Futures Jump on Reports of Preliminary US-Iran Peace Deal Despite Fed’s Hawkish Outlook 
Gold Prices Slide as Hawkish Fed and Strong Dollar Weigh on Bullion 
Trump Says No Hormuz Strait Tolls During 60-Day Iran Ceasefire 
Japan Signals Readiness to Intervene as USD/JPY Nears 161 Amid Yen Weakness 
Oil prices slipped slightly in Asian trading on Wednesday, extending losses as escalating U.S.-China trade tensions and a warning from the International Energy Agency (IEA) about a potential supply glut dampened sentiment. Both Brent and West Texas Intermediate (WTI) crude remained near five-month lows, pressured by fears that renewed trade conflicts could weaken global demand.
Brent crude futures for December edged down 0.2% to $62.26 per barrel, while WTI crude fell 0.2% to $58.18 by 21:39 ET (01:39 GMT). The declines followed a sharp selloff earlier in the week after U.S. President Donald Trump threatened to impose 100% tariffs on Chinese imports, triggering market anxiety and a strong response from Beijing. The growing risk of a trade war between the world’s two largest economies fueled concerns of slower global growth and weaker energy consumption.
Adding to the bearish tone, China’s latest inflation data came in weaker than expected, reinforcing signs of persistent economic softness in the world’s biggest oil importer.
Meanwhile, the IEA’s latest monthly report warned that global oil markets could face a significant oversupply by 2026—potentially as much as four million barrels per day. The agency attributed this forecast to increased production, particularly from OPEC members, combined with slower demand growth. The IEA also revised down its demand forecasts for both 2025 and 2026.
In contrast, OPEC’s recent report painted a more optimistic outlook, predicting stronger demand growth and justifying its steady increase in output this year after reversing two years of production cuts. However, the group’s push for market share has fueled fears of an eventual glut amid waning consumption trends.
Despite the bearish backdrop, losses in oil were capped slightly by a weaker U.S. dollar after dovish comments from Federal Reserve officials. Traders now await upcoming U.S. inventory data for further clues on energy demand, particularly as the country grapples with a prolonged government shutdown.
