Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japan Core Inflation Seen Rising in June, Strengthening BOJ Rate Hike Outlook 
AI Chip Stocks Face Valuation Pressure as Investors Shift Toward Big Tech and Software 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Oil prices extended losses on Friday, poised for a second consecutive weekly decline amid growing expectations of an OPEC+ production hike and renewed trade tensions following a court decision on U.S. tariffs. Brent crude slipped 0.48% to $63.84 a barrel, while U.S. West Texas Intermediate (WTI) dropped 0.51% to $60.63. Both benchmarks are down approximately 1.5% this week.
Market sentiment was dampened by the likelihood that OPEC+—the alliance of the Organization of the Petroleum Exporting Countries and allies—could announce another production increase during Saturday’s meeting. Analysts, including Westpac’s Robert Rennie, suggest the upcoming output hike may exceed the 411,000 barrels per day agreed in prior meetings.
Adding to the bearish tone, JPMorgan analysts noted that a growing global oil surplus, estimated at 2.2 million barrels per day, may prompt further price corrections. They forecast crude prices will likely stay within current ranges before slipping into the high $50s by year-end.
In the U.S., legal volatility added uncertainty as a federal appeals court reinstated President Donald Trump’s sweeping tariffs, reversing an earlier block. The initial removal had triggered a 1% drop in oil prices on Thursday. Overall, crude has declined over 10% since Trump’s “Liberation Day” tariff announcement on April 2.
Meanwhile, demand outlook remains mixed. While U.S. oil consumption surged over Memorial Day, supporting short-term demand, recession fears linked to the trade conflict continue to weigh. Washington’s recent move to halt shipments of ethane and butane to China without a license further strained U.S.-China relations. JPMorgan data shows global oil demand is rising at 400,000 barrels per day—250,000 below expectations as of late May—highlighting lingering demand-side concerns.
