Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Iraq PM Visits Washington as U.S. Oil, Gas Deals Take Center Stage 
Gold Prices Fall as US-Iran Conflict, Rising Oil Prices Fuel Fed Rate Concerns 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
South Korea’s KOSPI Triggers Trading Curb as AI Chip Stock Selloff Deepens 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
South Korea Central Bank Set to Raise Interest Rates as Inflation Stays Elevated 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Dollar Eases as Middle East Conflict, Fed Outlook and Japan Pension Policy Drive FX Markets 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Oil prices moved modestly higher during Asian trading on Thursday after suffering a steep decline of more than 7% in the previous session. Investors continued to monitor developments surrounding a possible U.S.-Iran agreement and reviewed the latest U.S. crude inventory data for signs of global demand trends.
Brent crude futures for July delivery climbed 0.9% to $102.14 per barrel, while West Texas Intermediate (WTI) crude futures gained 1.3% to trade at $96.24 per barrel. The recovery followed heavy losses on Wednesday, triggered by reports that Washington and Tehran were nearing a diplomatic understanding that could reduce tensions in the Middle East.
According to reports from Axios, the White House is close to securing a one-page memorandum of understanding with Iran aimed at ending the ongoing conflict. Sources indicated Tehran is expected to respond to the proposal within 48 hours, marking one of the closest moments to a potential agreement since hostilities began.
An Iranian foreign ministry spokesperson also confirmed that Iran would officially respond to the U.S. proposal, according to comments carried by ISNA news agency.
The oil market remains highly sensitive to developments involving the Strait of Hormuz, a vital shipping route responsible for nearly 20% of global oil trade. Any improvement in regional stability could potentially restore disrupted oil flows and ease supply concerns.
However, gains in crude prices were limited after the U.S. Energy Information Administration (EIA) released weekly inventory data showing a smaller-than-expected draw in crude stockpiles. U.S. commercial crude inventories fell by 2.3 million barrels to 457.2 million barrels for the week ending May 1, compared with analyst expectations for a 3.4 million-barrel decline.
The EIA also reported gasoline inventories dropped by 2.5 million barrels, while distillate stockpiles declined by 1.3 million barrels. Strong U.S. petroleum exports highlighted continued international demand despite ongoing uncertainty in global energy markets.
