Canada Retaliatory Tariffs on U.S. Goods Take Effect 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
China Inflation Accelerates in August as CPI, PPI Rise 
Gold Prices Rebound as Dollar Weakens, Fed Decision Looms 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Gold Prices Steady Ahead of U.S. Inflation Data and Fed Decision 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Fitch Eyes Japan Budget for Fiscal Discipline 
Asian Stocks Mixed as Korean Chipmakers Rally 
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Oil Prices Hold Steady Amid U.S. SPR Purchases and Demand Uncertainty
Brent crude futures saw a modest rise of $0.03 to $71.45 per barrel early Tuesday, while U.S. West Texas Intermediate (WTI) increased by $0.07 to $67.45 per barrel. This stability follows a steep 6% decline on Monday after Israel's weekend strikes against military targets in Iran, which spared Iranian oil infrastructure, calming fears of an extended conflict.
Middle East Tensions and U.S. Response
Middle Eastern tensions remain high, with Iran pledging to respond to Israel's recent attacks. The U.S. has warned Iran of “severe consequences” should it escalate aggression in the region, yet analysts see limited near-term risk to oil supply. ING Economics noted that while geopolitical concerns are significant, bearish market fundamentals may dominate through 2025.
U.S. Strategic Petroleum Reserve (SPR) Plan
The U.S. government announced plans to purchase up to 3 million barrels of crude for the SPR by May 2025, injecting some stability into the market. However, limited funding means further buys are dependent on future congressional approval. Meanwhile, China's sluggish demand growth and delayed peak winter heating season in the Northern Hemisphere could weigh on global oil prices.
U.S. Inventory Update
A preliminary Reuters poll indicated a likely rise in U.S. crude and gasoline inventories last week, with distillate stocks possibly down. Industry data from the American Petroleum Institute is expected Tuesday, while the U.S. Energy Information Administration will release its report on Wednesday.
