US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
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 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
China Inflation Accelerates in August as CPI, PPI Rise 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
UK House Prices Fall for First Time Since 2023 
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Oil prices edged higher on Monday despite market concerns over U.S. President Donald Trump's latest tariff move on steel and aluminum imports, which could slow global economic growth and impact energy demand.
Brent crude futures gained 0.5% to $75.06 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.5% to $71.38. However, both benchmarks logged a third consecutive weekly decline amid fears of a global trade war.
Trump is set to announce 25% tariffs on all steel and aluminum imports, further escalating trade tensions. Last week, he imposed tariffs on Canada, Mexico, and China, only to suspend those for neighboring countries a day later. Despite this, investors appear unfazed, with IG analyst Tony Sycamore noting that markets may be adjusting to ongoing tariff-related headlines.
Meanwhile, China's retaliatory tariffs on U.S. goods take effect Monday, with no sign of resolution in trade talks. Oil and gas traders are now seeking waivers from Beijing for U.S. crude and liquefied natural gas imports.
Adding to supply disruptions, U.S. sanctions on Russian oil exports, enforced on Jan. 10, have impacted deliveries to China and India. Further, Washington increased pressure on Iran last week, imposing new sanctions on individuals and tankers transporting Iranian crude to China.
Trump stated on Sunday that progress is being made with Russia to end the Ukraine war but provided no specifics.
With geopolitical tensions and trade uncertainty weighing on the market, oil prices remain volatile. Investors continue to monitor developments that could impact global crude supply and demand.
