US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Oil prices soared Friday as escalating military tensions between Israel and Iran sparked fears of supply disruptions from the Middle East. Brent crude surged 7.02% to settle at $74.23 per barrel, after briefly hitting $78.50—its highest since January 27. U.S. West Texas Intermediate (WTI) crude climbed 7.62% to $72.98, peaking intraday at $77.62. Both benchmarks posted their largest one-day gains since Russia invaded Ukraine in 2022.
The spike follows Israel’s announcement of strikes on Iran’s nuclear sites and missile facilities in a bid to halt Tehran’s atomic ambitions. Iran vowed retaliation and later fired missiles into Tel Aviv, according to reports. The clashes have intensified investor concerns over oil flows through the Strait of Hormuz, a strategic waterway through which nearly 20 million barrels of oil and fuel—about one-fifth of global consumption—pass daily.
Analysts warned that any further escalation targeting energy infrastructure could trigger a tit-for-tat cycle. Iran’s Kharg Island, the hub for 90% of its crude exports, remains untouched, but experts caution this may change. Iran produces about 3.3 million barrels per day, exporting over 2 million. OPEC’s spare capacity is estimated to match Iran’s output, offering some buffer against potential supply shocks.
Despite the unrest, Iranian oil refining and storage facilities remain operational, according to state officials. Meanwhile, the number of active U.S. oil rigs fell to 439—the lowest since October 2021—continuing a seven-week decline, as per Baker Hughes data.
Market reactions extended beyond oil. Equities fell, while gold, the U.S. dollar, and the Swiss franc gained on safe-haven demand. Hedge funds also increased long positions in U.S. crude, CFTC data showed, signaling bullish sentiment amid geopolitical uncertainty.
