IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
Oil prices were largely unchanged in early Asian trade on Friday, stabilizing after a 1% drop in the previous session. The market’s earlier war risk premium eased following a ceasefire agreement between Israel and Hamas, marking the first phase of a U.S.-brokered plan to end the Gaza conflict.
Brent crude futures edged up 9 cents, or 0.1%, to $65.31 per barrel by 0044 GMT, while U.S. West Texas Intermediate (WTI) crude rose 12 cents, or 0.2%, to $61.63. Both benchmarks remained on track for weekly gains of around 1.2%, recovering from steep losses last week.
The ceasefire deal, ratified by Israel’s government, includes a halt to hostilities, a partial Israeli withdrawal from Gaza, and the release of hostages by Hamas in exchange for the freedom of hundreds of Palestinian prisoners. Analysts said the breakthrough significantly reduced geopolitical tensions that had fueled oil price volatility over the past two years.
According to ANZ analyst Daniel Hynes, the agreement “shifted market focus back to the looming oil surplus, as OPEC moves forward with unwinding production cuts.” The Organization of the Petroleum Exporting Countries and its allies (OPEC+) recently agreed to a smaller-than-expected output hike for November, slightly easing oversupply concerns.
However, broader market sentiment remains cautious. Investors are monitoring the potential impact of a prolonged U.S. government shutdown, which could weigh on economic growth and weaken oil demand. Meanwhile, uncertainty surrounding stalled peace talks in Ukraine continues to support prices, given ongoing sanctions on Russia — the world’s second-largest oil exporter.
Despite geopolitical developments, the oil market remains finely balanced, with traders closely watching OPEC+ production trends and global demand recovery signals as key drivers for near-term price direction.
