Australia Jobs Growth Strengthens Rate Hike Outlook 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
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 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Oil prices were mostly steady during Asian trading on Friday, following a sharp selloff in the previous session that erased most of the gains recorded earlier in the week. The stabilization in crude markets came as geopolitical tensions eased after U.S. President Donald Trump downplayed the likelihood of military action against Iran, reducing fears of supply disruptions from the Middle East.
Brent crude futures for March delivery edged up around 0.2% to trade near $63.86 per barrel, while West Texas Intermediate (WTI) crude futures gained approximately 0.3% to around $59.35 per barrel. Despite these modest gains, both benchmark oil prices remained on track to end the week largely flat after plunging more than 4% in the prior session.
Oil prices had previously surged to multi-month highs earlier in the week amid widespread anti-government protests in Iran, one of the largest oil producers within OPEC. Markets feared that escalating unrest could disrupt Iranian crude exports, tightening global oil supply. These concerns were further intensified after Trump issued strong warnings regarding the use of force against protesters, which traders interpreted as increasing the risk of U.S. military intervention.
However, sentiment shifted on Thursday when Trump clarified that the United States was not planning any immediate military action against Iran. His comments helped deflate the geopolitical risk premium that had been priced into oil markets, triggering a sharp correction in crude prices as investors reassessed supply risks.
Additional pressure on oil prices came from developments in Venezuela. The U.S. administration has signaled a softer stance toward the country, supporting its continued participation in OPEC and allowing Venezuelan oil exports to resume more fully. According to a Reuters report, Venezuela’s state-owned oil company PDVSA has begun rolling back production cuts imposed during a strict U.S. embargo, with exports restarting under U.S. oversight. Shipments had previously fallen to near zero, leaving Chevron as the only exporter operating under a special license.
Any increase in Venezuelan oil supply would add to an already well-supplied global market. This concern was reinforced by recent U.S. inventory data showing higher crude oil and fuel stockpiles, further weighing on oil prices and highlighting ongoing oversupply pressures.
