Oil Prices Slip as U.S.-Iran Peace Talks and Strait of Hormuz Risks Keep Markets on Edge 
UK House Prices Hold Steady in June as Annual Growth Misses Forecasts 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Greece’s Bad Loan Crisis Continues to Limit Credit Access Despite Economic Recovery 
Asian Currencies Slip as Dollar Holds Firm, Yen Near Four-Decade Low Ahead of Fed, Jobs Data 
Dollar Slips Ahead of Key U.S. Jobs Data as Fed Rate Outlook, ECB, and Iran Talks Shape Forex Markets 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Asian Stocks End Strong Quarter as Dollar Surges, Yen Hits 40-Year Low Ahead of US Jobs Data 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
Gold Prices Drop as Fed Rate Outlook and Iran Tensions Weigh on Market 
U.S. Stocks End Q2 Higher as Strong Jobs Data and AI Rally Lift Wall Street 
Central Banks Eye Gold, Reduce Dollar Exposure as AI Adoption Accelerates: OMFIF Survey 
RBA Minutes Signal Australia Central Bank Remains Ready to Raise Interest Rates if Inflation Persists 
Trump Urges Gasoline Retailers to Cut Prices to $2.50 Per Gallon, Warns of Legal Action 
Argentina Economy Shrinks 1.5% in April, Recovery Under Milei Loses Momentum 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Brent crude futures for November delivery climbed $1.12, or 1.56%, to $93.10 per barrel by 0611 GMT. The contract expires Monday, with December futures advancing $1.04, or 1.45%, to $92.58. U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.36%, to $89.11 per barrel.
Despite Monday’s gains, Brent and WTI fell by around 3% and 5%, respectively, last week on concerns over Chinese demand, even with fiscal stimulus measures in the world's second-largest economy and top oil importer.
Escalating Middle East Conflict Fuels Oil Prices
Monday’s price surge was driven by fears that a broader Middle East conflict could involve Iran, a major oil producer and OPEC member. Israel has stepped up attacks on Iranian-backed Hezbollah and Houthi militants, stoking concerns of potential supply disruptions. Priyanka Sachdeva, senior market analyst at Phillip Nova, noted that investors are closely monitoring the risk of a region-wide conflict affecting key oil-producing areas.
Hamas reported that an Israeli strike killed its leader in Lebanon, while another Palestinian militant group announced the deaths of three leaders in a Beirut strike. Israel launched airstrikes against Houthi militia targets in Yemen and Hezbollah positions in Lebanon on Sunday.
OPEC+ Cuts and China's Demand in Focus
According to Tony Sycamore, market analyst at IG, oil prices are likely to be influenced by supply-demand dynamics, particularly as OPEC+'s voluntary supply cuts are set to end on December 1. WTI may test its 2021 lows in the $61-$62 range. Despite China’s recent economic stimulus, uncertainties persist regarding fuel demand due to ongoing electrification and decarbonization efforts in the transportation sector.
China’s manufacturing sector contracted for a fifth straight month in September, with the services sector also slowing sharply. Markets are anticipating Federal Reserve Chair Jerome Powell's speech later Monday, which could provide insight into the central bank's approach to monetary easing. "The response of demand to easing rates and the revival of Chinese demand following recent stimulus will shape future oil market dynamics," Sachdeva added.
