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Dollar Surges to Three-Month High Amid Iran War Crisis and Energy Shock 
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RBA Set to Hike Rates Again Amid Inflation Surge and Global Uncertainty 
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U.S. Stocks Slide as Iran War Fuels Oil Price Volatility and Market Uncertainty 
U.S. Dollar Slips as Iran War and Central Bank Decisions Weigh on Markets 
Asian Currencies Tumble as Indian Rupee Hits Record Low Amid Oil Market Turmoil 
Global Markets on Edge as Gulf Tensions Push Oil Prices Higher 
U.S.-China Trade Talks Head to Paris as Officials Push for Balanced Economic Relations 
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Asian Currencies Hold Steady Amid Iran Conflict and Fed Uncertainty 
Iran War Sends Oil Prices Surging Past $100 as Hormuz Crisis Deepens 
Fed Rate Cut Hopes Fade as Oil Prices Stoke Inflation Fears 
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.
