Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
Wall Street Ends Mixed as Tech Stocks Struggle Ahead of Micron Earnings 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Malaysia Central Bank Moves to Support Ringgit Amid Foreign Fund Outflows 
Global oil prices swung sharply on Monday as markets grappled with mounting fears over supply disruptions tied to the escalating U.S.-Israel military conflict with Iran. After surging nearly 3% earlier in the session, crude benchmarks reversed course following statements from U.S. President Donald Trump urging international cooperation to keep the Strait of Hormuz open for global trade.
Brent crude, the global oil benchmark, edged up 0.2% to $103.41 per barrel, while U.S. West Texas Intermediate fell 0.5% to $96.40 per barrel as of early Monday trading. The volatile price action reflects deepening uncertainty surrounding one of the world's most critical energy chokepoints.
Trump announced over the weekend that the White House had engaged seven countries, including China, in discussions about jointly securing the Strait of Hormuz — a waterway responsible for roughly one-fifth of global oil supply. Despite Trump characterizing the mission as manageable given Iran's reduced military capacity, both Japan and Australia declined to deploy warships to the region. Major container shipping firms have also pulled back from the strait, citing crew safety risks and insurability concerns.
Tensions escalated further after U.S. forces struck Kharg Island, the hub through which approximately 90% of Iran's oil exports flow. Trump confirmed the strike targeted military assets and warned that oil infrastructure could be next. Iran responded swiftly with missile and drone attacks across the Persian Gulf, hitting population centers and U.S. military installations. Tehran maintained that the strait would remain closed until all U.S. and Israeli strikes on Iranian soil cease.
Adding to the pressure on global energy markets, the United Arab Emirates reported a second consecutive drone strike on its oil-industry zone in Fujairah. In response to potential supply shocks, the International Energy Agency announced it would release approximately 412 million barrels from emergency reserves to help stabilize the market.
