Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
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 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Australia Jobs Growth Strengthens Rate Hike Outlook 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Oil prices climbed sharply on Monday as geopolitical tensions between the United States and Iran intensified, raising fresh concerns about global energy supply. Brent crude futures, the global oil benchmark, rose 4.9% to $94.77 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 5.8% to $87.33 per barrel. The spike followed reports that the U.S. had seized an Iranian cargo ship, further escalating the ongoing conflict.
According to U.S. President Donald Trump, American forces fired on an Iranian-flagged vessel that attempted to bypass a naval blockade before capturing it. Iran strongly condemned the action and warned of retaliation, signaling a potential escalation in the already fragile situation. The development comes amid renewed instability in the Strait of Hormuz, a critical oil transit chokepoint through which nearly 20% of the world’s oil supply passes.
Tehran reportedly reopened the strait over the weekend, only to close it again hours later, triggering volatility in oil markets. Prices had previously dropped over 9% on Friday after both U.S. and Iranian officials hinted at easing tensions. However, reports of Iranian forces firing on vessels attempting to pass through the strait have renewed fears of prolonged disruption to oil flows.
The ongoing U.S.-Israel conflict with Iran has now entered its eighth week, with little indication of immediate de-escalation. Analysts suggest that continued uncertainty surrounding the Strait of Hormuz will likely support oil prices in the near term. Market experts also warn that expectations of a quick resolution may have been overly optimistic, with both sides appearing willing to sustain pressure.
Diplomatic efforts remain uncertain as a two-week ceasefire nears its expiration. While U.S. officials plan to pursue further talks in Pakistan, Iranian state media reports that Tehran has rejected negotiations as long as the U.S. naval blockade remains in place. With peace talks stalled and tensions rising, global oil markets are expected to remain volatile in the coming days.
