US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Dollar Holds Steady Ahead of U.S. CPI as Oil Surge, Middle East Tensions Keep Markets on Edge 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Oil prices edged lower in Asian trading on Wednesday after climbing to multi-week highs in the previous session, as investors balanced geopolitical supply concerns against fresh data showing a sharp increase in U.S. crude inventories. The pullback came after a strong rally driven by fears that unrest in Iran could disrupt global oil supplies.
Brent crude futures for March delivery slipped about 0.4% to trade near $65.19 per barrel, while U.S. West Texas Intermediate crude fell roughly 0.5% to around $60.87 per barrel. Despite the modest decline, both benchmarks remained close to their recent peaks, after surging more than 2.5% on Tuesday. The gains pushed Brent to an 11-week high and WTI to a 10-week high, marking the fourth consecutive session of advances fueled by geopolitical tensions.
The rally was largely underpinned by escalating anti-government protests in Iran, one of the largest oil producers within OPEC. Market participants have increasingly priced in a geopolitical risk premium amid concerns that prolonged unrest could threaten Iranian crude exports and tighten global supply. Adding to market anxiety, U.S. President Donald Trump issued strong warnings to Iranian authorities, including the possibility of military action if crackdowns on protesters continue. He also reiterated threats of imposing tariffs on countries trading with Iran, further raising uncertainty around future supply flows.
However, gains in oil prices were capped by bearish inventory data from the American Petroleum Institute. According to the API, U.S. crude oil stockpiles rose by approximately 5.3 million barrels last week, significantly exceeding market expectations of a 2 million-barrel increase. Gasoline inventories jumped by about 8.2 million barrels, while distillate stocks climbed roughly 4.3 million barrels, highlighting ample supplies across refined products.
Investors are now awaiting official inventory figures from the U.S. Energy Information Administration later on Wednesday, which could confirm trends in crude oil, gasoline, and distillate stocks. The data will be closely watched for further clues on near-term oil price direction, as markets continue to navigate the push and pull between geopolitical risk and supply-demand fundamentals.
