Canada Retaliatory Tariffs on U.S. Goods Take Effect 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
South Korea GDP Surges on Chip and AI Boom 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
China to Inject $45 Billion Into State Financial Institutions 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
UK House Prices Fall for First Time Since 2023 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
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Oil prices rose modestly on Wednesday as markets stabilized following sharp losses over the past two sessions. Brent crude gained 75 cents, or 1.1%, to $67.89 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by 71 cents to $65.08.
The rebound comes after both benchmarks hit multi-week lows—Brent's lowest since June 10 and WTI's since June 5—triggered by easing geopolitical fears after a U.S.-led strike on Iran’s nuclear facilities. The attack, which occurred over the weekend, initially drove oil prices to five-month highs due to fears of escalation and potential disruption in the Middle East.
A preliminary U.S. intelligence report indicates that the strikes did not dismantle Iran’s nuclear capabilities but delayed progress by only a few months. Tensions eased as Iran and Israel appeared to comply with a ceasefire brokered by U.S. President Donald Trump, who criticized both nations for prior violations. Civilian restrictions were lifted after 12 days of conflict, with each side claiming strategic success.
Despite the ceasefire, investors remain cautious, particularly regarding the Strait of Hormuz—a vital chokepoint where around 18–19 million barrels per day of oil transit, accounting for nearly 20% of global consumption.
Market participants are also awaiting official U.S. inventory data. Preliminary figures from the American Petroleum Institute (API) showed U.S. crude stockpiles fell by 4.23 million barrels for the week ending June 20, suggesting tightening supply. The U.S. Energy Information Administration (EIA) will release official figures later Wednesday.
The oil market remains sensitive to geopolitical developments and inventory signals, with traders closely watching the situation in the Middle East and U.S. supply trends.
