Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Oil prices inched higher on Thursday, supported by concerns over tighter global supply following the U.S. threat to impose tariffs on countries purchasing Venezuelan crude. Brent crude futures rose by 14 cents, or 0.2%, to $73.93 a barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained 14 cents to reach $69.79 a barrel by 0049 GMT.
The modest gains followed a nearly 1% rise on Wednesday after U.S. government data showed a decline in crude and fuel inventories, indicating stronger demand. Further fueling bullish sentiment, the U.S. warned of sanctions against nations continuing to import oil from Venezuela. As a result, India’s Reliance Industries, operator of the world’s largest refining complex, is set to halt Venezuelan crude imports, according to sources.
Meanwhile, market participants are weighing the impact of President Donald Trump’s announcement of a 25% tariff on imported cars and light trucks, starting next week. While higher car prices could dent consumer demand and slow oil consumption, analysts suggest the move may delay the shift to more fuel-efficient vehicles, potentially supporting oil demand in the short term.
"The news around Trump’s auto tariffs may actually benefit oil, as it slows the adoption of newer, more efficient models," said Tony Sycamore, analyst at IG.
In a broader outlook, a Dallas Fed survey revealed that U.S. oil and gas activity saw a slight uptick in Q1. However, energy executives expressed concerns over rising costs due to separate U.S. tariffs on steel and aluminum, which could hinder drilling and pipeline expansion.
Overall, a mix of geopolitical risks, trade tensions, and supply concerns continue to influence oil market sentiment, keeping prices supported.
