China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Norway Core Inflation Rises to 3% in August 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Asian Currencies Steady as Yen Holds Firm, Oil Tops $100 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Gold Prices Rise as Yen Rally Weakens Dollar 
Asian Stocks Mixed as Korean Chipmakers Rally 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
China Inflation Accelerates in August as CPI, PPI Rise 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
South Korea GDP Surges on Chip and AI Boom 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Fitch Eyes Japan Budget for Fiscal Discipline 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
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Oil Prices Rebound After Sharp Decline
Oil prices rose in Asian markets on Wednesday, recovering from the previous session's 4% drop. The decline followed reports of the Lebanese group Hezbollah seeking a ceasefire with Israel, hinting at possible de-escalation in the ongoing Middle East conflict.
U.S. Inventory Surge Limits Gains
Despite the recovery, oil prices faced pressure due to a significant build in U.S. oil inventories. The American Petroleum Institute (API) reported a 10.9 million barrels increase, far exceeding expectations of 1.95 million barrels. This raised concerns over weakening U.S. fuel demand, especially in the wake of hurricanes affecting the mid-South.
Hurricane Milton and Oil Supply Concerns
Traders also monitored Hurricane Milton, a category-5 storm expected to make landfall in Florida. While the hurricane is unlikely to impact Gulf of Mexico oil operations, any potential disruptions are being closely watched.
Middle East Conflict Remains a Key Factor
The Middle East conflict continues to influence oil prices. Reports of a potential ceasefire between Hezbollah and Israel could ease concerns over oil supply disruptions. However, tensions remain high, with the possibility of further escalations in the region.
Conclusion
Oil prices are reacting to a combination of U.S. inventory data, global supply concerns, and geopolitical tensions. While prices saw a slight recovery, market volatility is expected to continue in the near term.
