Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Spot premiums in the global crude oil market surged on Thursday after the United States imposed fresh sanctions on Russian oil giants Rosneft and Lukoil, intensifying concerns over supply disruptions and prompting a shift in demand toward the Middle East, Africa, and South America. The sanctions, aimed at penalizing Russia for its ongoing war in Ukraine, are expected to reshape global trade flows as top importers like China and India seek alternative suppliers.
Brent crude futures climbed over 4% on Thursday, reflecting growing uncertainty in the market. Indian and Chinese refiners are expected to reduce imports of Russian crude to comply with U.S. restrictions, industry sources said, while seeking replacement barrels from other producers. This sudden shift sparked a rally in spot premiums for Middle Eastern crude benchmarks, reversing earlier declines caused by ample supply from OPEC+ output increases.
According to Reuters data, Cash Dubai’s premium rose to a three-week high of $2.71 per barrel, more than double the previous session’s $1.26. Oman and Murban grades also climbed to one-month highs at $3.12 and $2.86 a barrel, respectively.
Reliance Industries, India’s largest private refiner, will halt crude imports under its long-term deal with Rosneft, which supplied nearly 500,000 barrels per day. Indian state-run refiners, including Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp, are also reviewing their contracts to avoid purchasing oil from sanctioned Russian firms.
Reliance has already begun sourcing cargoes from Brazil and the Middle East, including Qatari al-Shaheen, Iraqi Basra Medium, and other regional grades. Analysts expect Middle Eastern producers to benefit from the redirection of demand.
The Brent-Dubai spread narrowed to just 1 cent a barrel, making Atlantic Basin crudes more attractive for Asian buyers. With the sanctions tightening global supply, analysts foresee continued volatility in oil prices and trade patterns in the coming weeks.
