South Korea Inflation Surges to Two-Year High, Boosting July Rate Hike Expectations 
Asian Stocks Edge Lower as Middle East Tensions and AI Optimism Shape Market Sentiment 
India Manufacturing Growth Accelerates in May Despite Rising Costs 
Australia GDP Growth Misses Forecasts in Q1 2026 as Inflation and Iran War Impact Spending 
Trump, Syrian President Sharaa Discuss Sanctions Relief and Economic Recovery in Phone Call 
US Stock Futures Slip as Iran Tensions Rise and AI-Fueled Tech Rally Loses Steam 
Yen Nears 160 Per Dollar as Japan Signals Readiness for Currency Intervention 
Trump Revises U.S. Tariffs on Copper, Aluminum, and Steel Imports Through 2027 
Gulf Tensions Escalate as Iranian Missile Attacks Fail and Nuclear Talks Remain Stalled 
Oil Prices Surge as Iran Suspends U.S. Talks Amid Middle East Tensions 
Asian Stocks Climb as AI Optimism Boosts Tech Shares; South Korea Leads Gains 
Gold Prices Fall as Stronger Dollar and Iran Tensions Weigh on Market Sentiment 
U.S. Opens Public Comment Period on New U.S.-China Trade Board and Potential Tariff Cuts 
Japan Weighs Two-Year Food Tax Cut Starting in 2027 to Ease Cost-of-Living Pressure 
China Services PMI Hits Three-Month High in May as Domestic Demand Strengthens 
UK House Prices Record First Monthly Decline Since December as Iran Conflict Dampens Market Confidence 
Oil prices extended their gains during Asian trading on Wednesday as escalating tensions in the Middle East and stalled U.S.-Iran nuclear negotiations increased concerns over potential supply disruptions. Stronger-than-expected declines in U.S. crude oil inventories also provided additional support to the market, reinforcing bullish sentiment among investors.
Brent crude futures for August delivery climbed 1.1% to $97.01 per barrel, while West Texas Intermediate (WTI) crude futures advanced 1.1% to $94.76 per barrel. Both benchmark contracts had already recorded gains of more than 1% during the previous trading session.
Market attention remains focused on geopolitical developments in the Middle East after hopes for progress in diplomatic talks between the United States and Iran weakened. Israel continued its military operations in southern Lebanon, while Kuwait reported that its air defense systems successfully intercepted hostile missile and drone attacks.
Adding to market uncertainty, the U.S. Central Command confirmed that American forces carried out strikes on Iran’s Qeshm Island. The island is strategically located near the Strait of Hormuz, a critical global shipping route responsible for transporting nearly 20% of the world’s oil supply. Any disruption in this region could significantly impact global energy markets and oil prices.
Meanwhile, reports indicate that communications between Washington and Tehran have slowed despite U.S. President Donald Trump stating that negotiations remain ongoing. Iranian media outlets have expressed skepticism regarding the possibility of reaching a near-term agreement, leading traders to factor a higher geopolitical risk premium into oil prices.
Further supporting crude prices, data released by the American Petroleum Institute (API) showed that U.S. crude oil inventories dropped by 6.8 million barrels during the week ending May 29. The decline substantially exceeded analysts’ expectations of a 3.6 million-barrel draw, signaling stronger demand and tighter supply conditions.
Investors are now closely watching the official U.S. Energy Information Administration (EIA) inventory report scheduled for release later on Wednesday. The report is expected to provide additional insights into supply trends and could influence the short-term direction of Brent crude and WTI oil prices. With geopolitical risks remaining elevated and inventory levels falling, the oil market is likely to remain highly sensitive to upcoming developments.
