Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
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.
