S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Australia Jobs Growth Strengthens Rate Hike Outlook 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
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 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Gold Falls Below $4,000 as Strong Dollar and Fed Rate Hike Expectations Weigh on Prices 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Oil prices climbed in early Wednesday trading, extending gains from the previous session as geopolitical tensions between Iran and Israel stoked fears of supply disruptions. Brent crude rose 19 cents (0.25%) to $76.64 a barrel, while U.S. West Texas Intermediate (WTI) added 23 cents (0.31%) to reach $75.07 per barrel.
The escalation of the Iran-Israel conflict, now in its sixth day, has raised alarm over potential threats to the Strait of Hormuz, a vital oil transit chokepoint responsible for about 20% of global seaborne crude. U.S. President Donald Trump demanded Iran’s “unconditional surrender,” while the Pentagon is dispatching more fighter jets to the region, signaling further military buildup.
Adding to concerns, two oil tankers collided and caught fire near the Strait, and the UK Maritime Trade Operations warned of electronic interference affecting ship navigation in the area. Iran, the third-largest OPEC producer, pumps approximately 3.3 million barrels per day. However, analysts note that other OPEC members have spare capacity to compensate for potential shortfalls.
Markets are also closely watching the Federal Reserve’s ongoing policy discussions. While the central bank is expected to maintain interest rates at 4.25%-4.50%, analysts suggest that rising oil prices and geopolitical risks could prompt a rate cut as early as July—sooner than the market's current forecast of September. Lower rates typically stimulate economic growth and boost oil demand.
Yet, the Fed faces a dilemma, as surging crude prices could fuel inflation. According to the American Petroleum Institute, U.S. crude and gasoline inventories fell last week, while distillate stocks rose, adding another layer of complexity to the outlook for energy markets and monetary policy.
