Asian Stocks Slide as Nikkei Leads Losses on Tech Selloff and Rising U.S.-Iran Tensions 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Malaysia Q2 Economy Grows 5.8%, Beating Forecasts on Strong Tech Exports and Domestic Demand 
Nikkei Plunges 5% as AI Stock Selloff Spreads Across Asia 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
US Stock Futures Fall as Netflix Outlook, Chip Selloff and Iran Tensions Weigh on Markets 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Oil prices rose 1.5% in Asian trading on Wednesday, driven by escalating geopolitical tensions and surprising U.S. inventory data. Brent crude futures for July climbed to $66.42 per barrel, while West Texas Intermediate (WTI) rose to $62.92.
The spike followed a CNN report citing U.S. intelligence that Israel is preparing for a potential military strike on Iranian nuclear facilities. Although Israeli leadership has not finalized a decision, officials say the probability of such action has “significantly increased” in recent months. The potential conflict, unfolding as the U.S. continues nuclear negotiations with Tehran, raises fears of major supply disruptions across the Middle East.
According to ING analysts, “The report signals heightened geopolitical risk, with potential threats not only to Iranian supply but broader regional output.”
The report also highlighted Iran’s refusal to negotiate on its uranium enrichment program, a key sticking point in U.S.-Iran talks. This intransigence, combined with legacy tensions from the Trump-era nuclear deal, has added fuel to concerns that diplomacy may fail.
Adding further pressure to oil prices, the American Petroleum Institute (API) reported an unexpected 2.5 million-barrel increase in U.S. crude inventories for the week ending May 16, compared to expectations of a 1.9 million-barrel draw. Gasoline inventories fell by 3.2 million barrels, while distillates, including diesel and heating oil, declined by 1.4 million barrels.
ING noted that inventory data suggests a tightening market for middle distillates. Traders now await official data from the U.S. Energy Information Administration (EIA) for confirmation.
With heightened geopolitical tensions and surprising inventory trends, energy markets remain on edge, pricing in a growing risk premium.
