Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
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Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Oil prices extended their rally in Asian trading on Friday, maintaining levels above a seven-week high and positioning for a strong weekly gain. The surge comes as concerns mount over Russian supply disruptions alongside an unexpected decline in U.S. crude inventories, both of which have tightened the market outlook.
As of 21:08 ET (01:08 GMT), Brent crude futures for November delivery edged up 0.3% to $69.63 per barrel, while West Texas Intermediate (WTI) futures rose 0.4% to $65.25 per barrel. Both benchmarks remain at their highest since early August and are on track for a weekly rise of more than 4%.
Russia announced partial restrictions on diesel exports and extended its gasoline export ban until the end of 2025 to secure domestic fuel supplies. Meanwhile, Ukrainian drone strikes have targeted Russian energy facilities in Bryansk, Samara, and Bashkortostan, disrupting refinery operations and intensifying fears over reduced export capacity. Added pressure comes from Washington and its allies, who are considering new sanctions on Moscow, potentially curbing Russian crude and diesel exports further.
On the demand side, U.S. government data confirmed a notable draw in crude inventories. The Energy Information Administration reported a decline, echoing earlier figures from the American Petroleum Institute that estimated a 3.8 million barrel drop for the week ending September 19. This tightening supply-demand balance provided fresh support for oil prices.
However, broader economic concerns limited gains. President Donald Trump announced new tariffs on key imports, including a 100% duty on branded pharmaceuticals, 25% on heavy-duty trucks, and 50% on kitchen cabinets. Analysts warned that higher costs in the transport sector could dampen diesel demand.
Additionally, stronger-than-expected U.S. GDP growth has added uncertainty around Federal Reserve interest rate cuts. With tighter monetary policy weighing on fuel consumption, traders are closely watching the upcoming release of the Fed’s preferred inflation gauge, the PCE price index, for further signals.
At present, supply risks from Russia, coupled with U.S. inventory declines, continue to underpin bullish momentum, though trade tensions and monetary policy remain key headwinds.
