Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Australia Jobs Growth Strengthens Rate Hike Outlook 
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 
Oil prices remained steady on Tuesday as investors monitored rising geopolitical tensions following Iran’s naval drills near the Strait of Hormuz, a critical global oil transit route. The military exercises took place just hours before scheduled nuclear talks between Iran and the United States in Geneva, adding uncertainty to the global energy market outlook.
Brent crude futures slipped 0.2% to $68.59 per barrel after gaining 1.3% in the previous session. Meanwhile, U.S. West Texas Intermediate (WTI) crude traded at $63.73 per barrel, up 84 cents or 1.34%. The WTI move reflected Monday’s price activity, as there was no official settlement due to the U.S. Presidents Day holiday.
Market sentiment remains sensitive to developments in the Middle East, particularly around the Strait of Hormuz, which handles a significant portion of global crude oil exports. Iran, along with OPEC members Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, ships most of its oil through this strategic waterway, largely supplying Asian markets.
U.S. President Donald Trump stated he would be “indirectly” involved in the nuclear negotiations and expressed optimism about a potential agreement, though he previously suggested regime change in Iran could be beneficial. Analysts note that any diplomatic breakthrough could ease geopolitical risk premiums currently embedded in oil prices. Conversely, further escalation may drive crude prices higher.
According to ANZ analysts, oil markets remain unsettled amid broader geopolitical risks, including the Russia-Ukraine conflict. Citi analysts added that if disruptions to Russian supply keep Brent crude between $65 and $70 per barrel, OPEC+ may increase production using spare capacity. The group is reportedly considering resuming output hikes from April to prepare for peak summer demand.
Citi projects that potential diplomatic resolutions involving both Iran and Russia-Ukraine could push Brent prices down to the $60–$62 range later this year, signaling possible volatility ahead for global oil markets.
