Oil Prices Dip as Trump Eyes Iran De-escalation, Hormuz Closure Persists 
RBC Capital: European Medtech Firms Show Minimal Middle East and Energy Risk Exposure 
South Korea's Exports Hit Record High in March on AI-Driven Chip Demand 
Bessent: Global Oil Market Well Supplied as U.S. Eyes Hormuz Navigation Control 
U.S. Dollar Posts Strong Monthly Gain Amid Middle East Conflict Despite Late Dip 
South Korea's $17.3 Billion Emergency Budget Targets Oil Price Surge 
Dollar Surges to Monthly High as Middle East Conflict Rattles Global Markets 
Canada's Economy Grows Modestly in January 2025, Driven by Energy and Construction 
Australia Bans Card Payment Surcharges Starting October 2025 
Japan Business Sentiment Rises as Iran War Fuels Inflation Fears, BOJ Rate Hike Looms 
Oil Prices Hold Near Multi-Year Highs Amid Iran Conflict and Hormuz Supply Fears 
Asian Stocks Surge on Trump's Iran War Comments and Dip-Buying 
U.S. Stock Futures Surge After WSJ Report on Trump's Iran War Exit Strategy 
WTO Ministerial Collapse Leaves Global Digital Trade Rules in Limbo 
Gold Prices Rebound But Head for Worst Month Since 2008 Amid Iran War Uncertainty 
Gold Prices Rebound in Asia Amid Iran War Ceasefire Hopes 
Asian Currencies Hold Steady Amid U.S.-Israel-Iran Tensions and BOJ Signals 
Oil Prices Surge on OPEC+ Output Delay
Oil prices experienced significant gains on Monday, climbing more than $1 following OPEC+’s decision to delay output increases. This market movement comes as the U.S. prepares for a presidential election and China’s key economic meeting.
Price Movements
By 0402 GMT, Brent crude futures rose by $1.18, or 1.61%, to $74.28 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude increased by $1.21, or 1.74%, reaching $70.70 per barrel. OPEC+ announced on Sunday that it would maintain its 2.2 million barrels per day (bpd) output cut for an additional month in December, following a previous delay from October due to falling prices and weak demand.
Market Implications
While analysts from ING noted that this delay does not significantly alter market fundamentals, it may compel investors to reevaluate OPEC+’s strategy. The decision contradicts some market expectations for an output hike and indicates the group’s willingness to support oil prices amid ongoing geopolitical uncertainties.
Current Market Sentiments
Despite a recent weekly decline of approximately 4% for Brent and 3% for WTI due to record U.S. output, prices rebounded on Friday amid reports of potential Iranian military action against Israel. Market strategist Yeap Jun Rong cautioned that the upward trend in oil prices may face resistance, particularly around the $78.50 mark.
Upcoming Economic Events
As markets await the U.S. presidential election results, with polls indicating a tight race between Vice President Kamala Harris and former President Donald Trump, attention will also turn to the Federal Reserve's anticipated interest rate cut and China’s stimulus measures aimed at revitalizing its economy.
