Gold Prices Hold Near Record Levels as Inflation Concerns Offset Middle East Ceasefire Hopes 
Tokyo Inflation Cools in May, Supporting BOJ’s Cautious Rate Hike Path 
UK Grocery Inflation Slows to 3.1% as Supermarket Price Pressures Ease in May 2026 
U.S. Sanctions Iran’s Strait of Hormuz Authority as Global Oil Markets Face Turmoil 
Wall Street Hits New Highs as U.S.-Iran Ceasefire Talks Boost Market Sentiment 
Asian Stocks Rally as AI Boom and Iran Ceasefire Progress Lift Market Sentiment 
Canada and Germany Advance Major LNG Supply Partnership 
Asian Currencies Steady as U.S.-Iran Ceasefire Extension Hopes Weigh on Dollar 
South Korea Central Bank Holds Interest Rates Steady Amid Inflation Concerns 
New World Screwworm Found Near U.S. Border Raises Threat to Cattle Industry and Beef Prices 
ECB’s Philip Lane Warns Middle East Conflict Could Keep Inflation Elevated 
Asian Markets Slide as New U.S. Strikes on Iran Spark Investor Caution 
US Imposes Fresh Iran Oil Sanctions Despite Progress on Ceasefire Talks 
US Dollar Slips as Markets Weigh Potential US-Iran Peace Deal and Oil Price Outlook 
US Launches New Trade Investigation Into Vietnam Over Intellectual Property Concerns 
S&P 500, Nasdaq Hit Record Highs as Iran Ceasefire Talks and AI Rally Boost Markets 
S&P 500 Hits Record High as Tech Rally Slows Amid Iran Peace Uncertainty 
Oil prices dropped to their lowest levels in over four years on Wednesday, driven by mounting concerns over global demand due to a deepening U.S.-China trade war and increasing crude supply. Brent crude futures fell $2.13, or 3.39%, to $60.69 a barrel, while U.S. West Texas Intermediate (WTI) slid $2.36, or 3.96%, to $57.22. Brent hit its lowest since March 2021 and WTI since February 2021.
The sharp decline follows five consecutive sessions of losses after U.S. President Donald Trump imposed sweeping tariffs on Chinese imports. The U.S. will now enforce a 104% tariff on Chinese goods starting Wednesday, adding 50% after Beijing failed to remove its 34% retaliatory tariffs. In response, China condemned the move as "blackmail," further straining hopes for a trade resolution.
Experts warn that the intensifying trade conflict between the world’s two largest economies could trigger a global economic slowdown and weaken fuel demand. Ye Lin, VP of oil markets at Rystad Energy, noted that China’s oil demand growth, estimated between 50,000 and 100,000 barrels per day, is now under threat. However, potential domestic stimulus measures could cushion the impact.
Adding to the bearish outlook, OPEC+ announced a production increase of 411,000 barrels per day starting in May, which analysts believe could tip the oil market into surplus. As a result, Goldman Sachs revised its oil price forecast, predicting Brent at $62 and WTI at $58 by the end of 2025, and further declines to $55 and $51 by 2026.
Meanwhile, API data showed a surprise 1.1 million-barrel drop in U.S. crude inventories, offering a glimmer of hope for demand. Official EIA data is expected later Wednesday.
