Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
Asian Currencies Weaken as Stronger Dollar Weighs, Yen Supported by GPIF Repatriation Hopes 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asia Stocks Slip as Iran-Hormuz Tensions Lift Oil Prices, Dollar and Bond Yields 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Iraq PM Visits Washington as U.S. Oil, Gas Deals Take Center Stage 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
South Korea Central Bank Set to Raise Interest Rates as Inflation Stays Elevated 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Oil prices dropped on Friday, reversing earlier gains after Iran signaled a potential step toward de-escalation by submitting a new proposal through Pakistani mediators. The development comes amid continued geopolitical tensions between the United States and Iran, which have been influencing global oil markets and raising concerns about supply disruptions.
At 15:50 ET (19:50 GMT), Brent crude futures for July fell by 1.8% to $108.39 per barrel, retreating from recent highs. The June Brent contract had already surged past $126 per barrel earlier in the week, marking its highest level in four years before expiring. Meanwhile, West Texas Intermediate (WTI) crude futures for June declined 2.8% to $102.14 per barrel, reflecting increased market volatility tied to geopolitical uncertainty.
The decline in oil prices followed reports from Iran’s state news agency confirming that Tehran submitted a revised peace proposal to Pakistan, which is acting as a mediator in indirect negotiations with the U.S. Although details remain limited, the move has fueled cautious optimism about easing tensions and stabilizing oil supply concerns.
However, sentiment remains mixed after U.S. President Donald Trump expressed dissatisfaction with the proposal. He stated that while Iran appears willing to negotiate, the terms offered are not yet acceptable. Reports suggest that Iran’s latest proposal may have dropped its initial demand for the U.S. to lift its naval blockade, signaling some flexibility in negotiations.
Despite these diplomatic efforts, concerns persist over the ongoing standoff, particularly regarding the Strait of Hormuz, a critical route for global oil shipments. Iran has reiterated its intention to maintain control over the strait, while the U.S. continues its naval presence in the region. Analysts warn that any prolonged disruption could tighten global oil supply and sustain market volatility.
Oil prices recently reached their highest levels since 2022 due to fears of escalating conflict, including potential military actions. While a ceasefire remains in place, the lack of progress in negotiations suggests that uncertainty will continue to impact crude oil markets in the near term.
