Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Dollar Rises as Middle East Conflict Fuels Inflation and Rate Hike Fears 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
Gold Prices Fall as US-Iran Conflict, Rising Oil Prices Fuel Fed Rate Concerns 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Asia Stocks Slip as Iran-Hormuz Tensions Lift Oil Prices, Dollar and Bond Yields 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Asian Currencies Weaken as Stronger Dollar Weighs, Yen Supported by GPIF Repatriation Hopes 
Oil prices climbed sharply on Monday as geopolitical tensions between the United States and Iran intensified, raising fresh concerns about global energy supply. Brent crude futures, the global oil benchmark, rose 4.9% to $94.77 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 5.8% to $87.33 per barrel. The spike followed reports that the U.S. had seized an Iranian cargo ship, further escalating the ongoing conflict.
According to U.S. President Donald Trump, American forces fired on an Iranian-flagged vessel that attempted to bypass a naval blockade before capturing it. Iran strongly condemned the action and warned of retaliation, signaling a potential escalation in the already fragile situation. The development comes amid renewed instability in the Strait of Hormuz, a critical oil transit chokepoint through which nearly 20% of the world’s oil supply passes.
Tehran reportedly reopened the strait over the weekend, only to close it again hours later, triggering volatility in oil markets. Prices had previously dropped over 9% on Friday after both U.S. and Iranian officials hinted at easing tensions. However, reports of Iranian forces firing on vessels attempting to pass through the strait have renewed fears of prolonged disruption to oil flows.
The ongoing U.S.-Israel conflict with Iran has now entered its eighth week, with little indication of immediate de-escalation. Analysts suggest that continued uncertainty surrounding the Strait of Hormuz will likely support oil prices in the near term. Market experts also warn that expectations of a quick resolution may have been overly optimistic, with both sides appearing willing to sustain pressure.
Diplomatic efforts remain uncertain as a two-week ceasefire nears its expiration. While U.S. officials plan to pursue further talks in Pakistan, Iranian state media reports that Tehran has rejected negotiations as long as the U.S. naval blockade remains in place. With peace talks stalled and tensions rising, global oil markets are expected to remain volatile in the coming days.
