S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
Yen Stabilizes After Intervention Slide as Australian Dollar Hits Eight-Week High 
US Dollar Near Two-Month Low as Markets Await Inflation Data 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
Gold Price Hits Two-Month High as Investors Await US Inflation Data 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
Australian Shares Fall as Westpac Slides, Miners Gain Ahead of RBA Decision 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
Wall Street Slips as Oil Prices Surge 5% on Iran-Hormuz Uncertainty 
Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Fears 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Japan Posts First Current Account Deficit in 17 Months as Dividend Payments Surge 
BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
Oil prices moved lower during Asian trading on Friday and were on track for significant weekly losses as easing geopolitical tensions in the Middle East reduced concerns about global crude supply disruptions. Investors reacted positively to the interim peace agreement between the United States and Iran, along with the gradual reopening of the Strait of Hormuz, a critical route for international oil shipments.
Brent crude futures for August delivery declined 1.1% to $79.01 per barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 0.7% to $76.05 per barrel. Both oil benchmarks are poised to record weekly declines of nearly 10%, trading near their lowest levels since early March.
Market sentiment improved after Washington and Tehran reached an interim agreement aimed at ending hostilities and restoring safe commercial navigation through the Strait of Hormuz. The strategic waterway is responsible for transporting roughly 20% of the world's oil supply, making it one of the most important energy corridors globally.
The implementation of the agreement has fueled expectations that millions of barrels of previously stranded Iranian crude oil could gradually return to international markets in the coming weeks. The United States officially lifted its blockade on Iran on Thursday, allowing vessels carrying delayed oil cargoes to begin exiting the region.
The prospect of increased oil exports has significantly reduced the geopolitical risk premium that previously pushed crude prices above $120 per barrel during the height of the U.S.-Iran conflict. As a result, traders have adjusted their outlook for global energy markets, contributing to the recent decline in oil prices.
Despite the positive developments, some uncertainty remains. Israeli forces reportedly conducted fresh airstrikes on Thursday, raising questions about the long-term stability of the peace arrangement. Additionally, energy analysts warn that a complete recovery in Gulf oil flows may take time, even as shipping activity resumes.
Broader economic factors have also weighed on the oil market. A hawkish stance from the U.S. Federal Reserve and expectations that interest rates could remain higher for longer have strengthened the U.S. dollar, creating additional pressure on crude oil prices and dampening demand expectations.
