Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
UBS Boosts China Tech Bets, Adds Kuaishou and Meituan to Focus List 
US Stock Futures Hold Steady as Soft Inflation Data Eases Fed Rate Hike Fears 
Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
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 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
Global oil prices swung sharply on Monday as markets grappled with mounting fears over supply disruptions tied to the escalating U.S.-Israel military conflict with Iran. After surging nearly 3% earlier in the session, crude benchmarks reversed course following statements from U.S. President Donald Trump urging international cooperation to keep the Strait of Hormuz open for global trade.
Brent crude, the global oil benchmark, edged up 0.2% to $103.41 per barrel, while U.S. West Texas Intermediate fell 0.5% to $96.40 per barrel as of early Monday trading. The volatile price action reflects deepening uncertainty surrounding one of the world's most critical energy chokepoints.
Trump announced over the weekend that the White House had engaged seven countries, including China, in discussions about jointly securing the Strait of Hormuz — a waterway responsible for roughly one-fifth of global oil supply. Despite Trump characterizing the mission as manageable given Iran's reduced military capacity, both Japan and Australia declined to deploy warships to the region. Major container shipping firms have also pulled back from the strait, citing crew safety risks and insurability concerns.
Tensions escalated further after U.S. forces struck Kharg Island, the hub through which approximately 90% of Iran's oil exports flow. Trump confirmed the strike targeted military assets and warned that oil infrastructure could be next. Iran responded swiftly with missile and drone attacks across the Persian Gulf, hitting population centers and U.S. military installations. Tehran maintained that the strait would remain closed until all U.S. and Israeli strikes on Iranian soil cease.
Adding to the pressure on global energy markets, the United Arab Emirates reported a second consecutive drone strike on its oil-industry zone in Fujairah. In response to potential supply shocks, the International Energy Agency announced it would release approximately 412 million barrels from emergency reserves to help stabilize the market.
