Jefferies Names 6 Top India Stock Picks Across Key Sectors 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
China Expands Influence in Global Gold Market 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Asian Stocks Rally as Fed Rate Hike Fears Ease 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
U.S. Payrolls Seen Rebounding in August as Labor Market Stays Soft 
Turkey Targets 5% Economic Growth by 2029 
UK House Prices Fall for First Time Since 2023 
Japan, US Target AI and Chips in $550 Billion Investment Push 
Asian Currencies Rise as Yen Surges on Fed Rate Outlook 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Add as a preferred source on Google
Global oil prices climbed sharply on Wednesday as U.S. President Donald Trump intensified pressure on Iran, raising concerns over prolonged disruptions in the Middle East and tightening global energy supplies. Brent crude futures for August delivery rose 2.1% to $93.33 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for July gained 2.4% to $90.27 per barrel.
The latest rally in crude oil prices followed Trump's remarks accusing Iran of delaying the signing of a negotiated peace agreement. The president warned that Tehran would face additional military action, stating that the United States would continue responding aggressively if progress toward a deal remained stalled. His comments dampened market hopes for a diplomatic resolution to the ongoing conflict, which has entered its fourth month.
Adding to market uncertainty, Trump disclosed a previously undisclosed U.S. military operation designed to help commercial vessels navigate the Strait of Hormuz. According to the president, more than 200 ships carrying over 100 million barrels of oil have safely passed through the critical waterway under U.S. protection. However, Energy Secretary Chris Wright later told lawmakers he was unaware of the operation, creating further questions about the mission.
Meanwhile, fresh economic data highlighted the growing impact of rising energy costs on the U.S. economy. Consumer inflation data for May showed energy prices jumping 23.5% year-over-year, while gasoline prices surged 40.5%, marking the strongest increases since 2022. Although headline inflation accelerated, softer core inflation readings eased some concerns among investors.
Supply concerns also supported higher oil prices. The U.S. Energy Information Administration reported that commercial crude inventories fell by 7.2 million barrels during the week ending June 5, significantly exceeding analyst expectations. Strategic Petroleum Reserve holdings declined to 349.2 million barrels, their lowest level since August 2023.
With geopolitical risks escalating, shrinking inventories, and persistent disruptions around the Strait of Hormuz, energy markets remain highly sensitive to developments in the Middle East, keeping oil prices elevated heading into the second half of 2026.
