Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
Oil prices rose modestly in Asian trading on Wednesday as escalating tensions between Israel and Hamas reignited fears of Middle East supply disruptions, partially reversing two days of losses. Brent crude futures for December climbed 0.3% to $64.58 per barrel, while West Texas Intermediate (WTI) futures increased 0.3% to $60.30 by 21:09 ET (01:09 GMT).
The uptick came after Israel launched fresh attacks on Gaza, accusing Hamas of breaching a U.S.-brokered ceasefire agreement established earlier in October. The renewed conflict raised concerns about potential instability in the region, a key oil transit hub. However, U.S. officials maintained that the ceasefire remained intact, aiming to end over two years of hostilities.
Adding to the bullish sentiment, U.S. sanctions targeting Russian energy exports and industry data showing an unexpected drawdown in U.S. crude inventories supported market optimism. These developments suggested tighter short-term supply, offsetting fears of oversupply from major producers.
Still, market caution prevailed ahead of the U.S. Federal Reserve’s policy announcement. Investors widely expect the Fed to implement a 25-basis-point interest rate cut following recent data showing cooling inflation. Yet, attention remains on Chair Jerome Powell’s remarks regarding the pace and extent of future rate cuts, which could influence the dollar and, consequently, oil demand. The greenback’s slight strength provided modest support to crude prices.
Despite the rebound, oil markets remain under pressure in 2025 amid concerns of weakening global demand and rising output. Reports suggest that OPEC+ is preparing to ramp up production further, scaling back two years of supply curbs. This potential increase could reintroduce a supply glut, limiting price gains in the months ahead.
