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Oil Prices Steady as U.S.-Iran Peace Talks Ease Strait of Hormuz Supply Fears 
Global share markets opened the week cautiously as investors grappled with renewed uncertainty over U.S. tariffs and awaited key earnings from AI giant Nvidia. The U.S. dollar slipped in Asian trading on Monday, reflecting concerns about America’s trade policy direction and its broader impact on global markets.
Market confusion intensified after the U.S. Supreme Court struck down President Donald Trump’s emergency tariffs. In response, Trump announced a new 10% tariff on imports from most countries, only to later raise it to 15%, a move that reportedly surprised some officials. Investors remain unclear on when the new tariffs will take effect, which goods may be exempt, and whether all countries will face the same rate. Previously, nations such as the UK and Australia had 10% tariffs, while several Asian economies faced higher duties.
Currency strategists warn that ongoing policy shifts could fuel volatility across financial markets. The uncertainty has revived the “sell America” narrative, pressuring the dollar. The greenback fell 0.4% against the Japanese yen to 154.36 and weakened against the euro and Swiss franc. Meanwhile, gold prices climbed 0.8% to $5,143 per ounce as investors sought safe-haven assets. Silver surged 2%, extending last week’s strong rally.
Asian equities showed mixed performance. MSCI’s Asia-Pacific index excluding Japan rose 0.5% in light trade, while South Korea’s market extended gains to record highs. U.S. stock futures dipped ahead of Nvidia’s earnings report, with S&P 500 futures down 0.3% and Nasdaq futures off 0.4%. Nvidia, which represents nearly 8% of the S&P 500, is expected to report a 71% jump in earnings per share. Options markets suggest its stock could swing at least 6% following results.
Oil prices edged lower ahead of U.S.-Iran talks in Geneva, despite ongoing geopolitical risks. Brent crude fell to $71.29 per barrel, while U.S. crude slipped to $65.95. Investors now closely watch trade developments, Federal Reserve rate expectations, and Nvidia’s results for direction in global financial markets.
