An unidentified projectile struck a cargo vessel in the Strait of Hormuz, damaging its engine room and injuring crew, pushing Brent crude above $91 per barrel amid escalating US-Iran tensions and regional instability.
Vessel traffic through the Strait of Hormuz dropped sharply to 33 vessels from 50 the prior week amid U.S.-Iran tensions and uncertainty over Middle East negotiations, raising crude oil prices and escalating shipping safety risks.
Iran war live: Trump strikes key port control tower after escalating attacks
The U.S. military disabled an Iran-linked oil tanker near Kharg Island using hellfire missiles, enforcing a renewed naval blockade against Iranian ports, escalating U.S. Iran tensions and pushing oil prices above eighty dollars per barrel.
President Trump reinstated a naval blockade of Iranian ports, causing crude oil futures to surge significantly across global markets, with Brent crude rising 1.78 percent and WTI climbing 2 percent, reflecting geopolitical tensions over Strait of Hormuz control and shipping fees.
Oil prices plunged to $72 per barrel on July 9 as Federal Reserve inflation warnings and rate hike concerns overwhelmed Middle East geopolitical risks, triggering broad commodity market selloffs across gold and metals amid reduced economic growth expectations.
Crude oil prices fell on expectations of supply surplus as Strait of Hormuz traffic recovered, yet analysts may overstate oversupply risks since tankers were previously stuck, not newly loaded, and regional production remains disrupted from ongoing geopolitical tensions.
Brent crude fell nearly 40% last quarter on U.S.-Iran peace deal optimism, but analysts warn premature celebration as Hormuz tanker traffic remains depressed and diplomatic talks stalled, suggesting geopolitical risks persist.
Gold fell below $4,000 per ounce for the first time since November, ending a three-year bull market driven by stronger dollar valuations and expectations of higher interest rates, which reduced demand among investors and central banks.
Oil Below $90 a Barrel After Trump Cancels Iran Strikes
Portfolio managers have tripled short positions in Brent Crude since March, betting supply disruptions will resolve despite the Middle East crisis causing thirteen million barrels daily losses and depleting global inventories at record pace.
Asian markets declined Wednesday as technology stocks fell on Wall Street following U.S. airstrikes against Iran, with South Korea's Kospi dropping 4.5% and Japan's Nikkei falling 1.9%, while oil prices remained volatile amid uncertainty over regional stability.
Asian shares drop, led by South Korea's Kospi, which fell over 5%.
Asian stock markets rose Friday as U.S. and Iran negotiated a tentative 60-day ceasefire extension, reducing geopolitical tensions and oil prices, though analysts cautioned recovery timelines remain uncertain amid ongoing regional uncertainty.
President Trump's warning that Iran's "clock is ticking" triggered Asian stock declines across major markets and oil price surges, as geopolitical tensions over stalled U.S.-Iran negotiations raised concerns about global energy supply disruptions.
Asian stock markets diverged Monday as Trump rejected Iran's peace proposal, causing global oil prices to surge over three percent, with Japan's Nikkei falling while South Korea's Kospi climbed amid geopolitical tensions over shipping lanes.
President Trump rejected Iran's ceasefire response, causing oil prices to surge over four percent amid geopolitical tensions, while Asian markets showed mixed results with South Korea gaining 4.1% and Japan declining 0.4%.
Money managers reduced bullish crude oil bets for a second consecutive week, cutting WTI net longs by 7,257 lots and Brent by 20,361 lots, signaling cautious sentiment despite ongoing geopolitical supply risks.
The U.S. conducted strikes against Iran while Houthi forces threatened Saudi Arabian shipping routes, occurring amid diplomatic efforts by mediators attempting to negotiate a 10-day ceasefire to de-escalate regional tensions.
US forces struck Iranian military targets, degrading air defense and missile capabilities, yet crude oil futures declined marginally despite geopolitical tensions threatening Strait of Hormuz shipping and global supply vulnerability amid depleting inventories.
Despite escalating US-Iran military strikes, oil prices fell modestly with Brent crude dropping 0.4 percent to $84.55 per barrel, while Asian stock markets declined largely due to semiconductor selloffs and interest rate hikes, though US futures edged higher.
Crude oil futures surged over 4 percent Monday after the US and Iran exchanged military strikes, with Iran threatening to close the strategically vital Strait of Hormuz, escalating Middle East tensions and disrupting global energy markets.
Oil prices surged over 5% Wednesday after Iran attacked commercial ships, escalating regional tensions and prompting shipowners to pause Strait of Hormuz transits, revealing markets had underestimated geopolitical risks to oil supply stability.
Aluminium and copper prices fell 17.5 percent and 6 percent respectively over one month, but analysts say downside remains limited due to persistent supply deficits and tight market fundamentals supporting longer-term price stability.
Asian stock markets posted mixed results Monday as artificial intelligence-related sell-offs dragged Japan's Nikkei down one percent and South Korea's Kospi down two percent, while geopolitical tensions between the U.S. and Iran added economic uncertainty.
Asian stocks are mixed after a big tech sell-off on Wall Street and in Asia.
World shares surge and oil prices slip after Trump claims a breakthrough in Iran war talks.
Gold, silver, and bitcoin prices fell as traders increased bets on a Fed rate hike.
Asian shares retreated Wednesday following Wall Street's technology sell-off, while oil prices rose after U.S. airstrikes on Iran near the Strait of Hormuz, escalating geopolitical tensions and threatening prospects for ending the three-month conflict.
South Korea's Kospi plummeted over 5% as Asian shares fell following declines in U.S. artificial intelligence stocks, with Broadcom sinking 12.6% after disappointing guidance, triggering broader technology sector concerns.
Asian shares advanced following modest Wall Street gains while oil prices climbed above $100 per barrel amid ongoing Iran war uncertainty and stalled U.S.-Iran negotiations, though inflation hit a four-year low at 1.4%.
Brent crude surged 6% weekly as President Trump escalated pressure on Iran over the Strait of Hormuz, though only 30 vessels transited versus the typical 140 daily average, raising concerns about potential military escalation and global oil supply disruptions.
President Trump rejected Iran's ceasefire response as unacceptable, causing oil prices to surge 3 percent and Asian markets to show mixed results amid geopolitical tensions and upcoming U.S.-China negotiations on regional stability.
Asian stocks showed mixed results Monday as oil surged over 4% following Trump's rejection of Iran's ceasefire response, with Tokyo declining 0.4% while Seoul gained 4.1%, amid ongoing geopolitical tensions affecting energy markets.
Vessel traffic through the Strait of Hormuz falls to 33 this week amid Iran's proposed restrictive shipping rules.
Iran-US war latest: Trump launches strikes to ‘punish’ Tehran after deaths of two US service members
ING analysts note oil prices extended gains as US-Iran tensions escalated and Persian Gulf tanker flows faced pressure, with large inventory drawdowns and ending SPR releases leaving markets vulnerable to supply disruptions.
Iranian attacks on UAE tankers in the Strait of Hormuz pushed Brent crude above $85 and US oil past $80, potentially halting UAE fuel price cuts if elevated levels persist through monthly reviews despite forecasters maintaining lower 2026 outlooks.
Oil prices surged 4% following intensified U.S.-Iran military escalation over the weekend, with Brent Crude reaching $79 per barrel amid supply concerns and claims that the Strait of Hormuz closure could disrupt global energy markets significantly.
Oil futures posted their fourth consecutive weekly loss as the reopening of the Strait of Hormuz and increased flows from Gulf producers, including Saudi Arabia's 10 million barrel shipments, eased supply concerns and pressured prices into the low seventies.
Oil prices fell to pre-war levels as shipping through the Strait of Hormuz slowly recovers.
Crude oil prices fell significantly last week as tanker traffic through the Strait of Hormuz recovered, with Brent trading at 73.78 dollars per barrel, though analysts warn the recovery may be temporary as trapped vessels finish departing and Venezuela faces earthquake-induced production disruptions.
Asian stocks showed mixed results Monday as Japan and South Korea rose amid AI optimism, while US futures fell on progress in US-Iran nuclear negotiations that lowered oil prices below eighty dollars per barrel.
President Trump's claim of a breakthrough in Iran war talks boosted Asian stock markets sharply, with South Korea's Kospi jumping 7.8% and oil prices falling over 1%, though analysts remain cautious about deal durability.
World shares are mostly lower after a tech sell-off on Wall Street, while oil prices waver
China's oil imports fell to an 8-year low in May due to high prices and ample inventory.
Oil: Inventory draws heighten upside risk – ING
Traders expect oil prices to remain above $81 for the next 12 months due to lasting war risk premium.
London Metal Exchange copper prices surged above $14,000 per ton, driven by Chinese demand recovery, Middle Eastern sulfur supply constraints affecting production, and increased correlation with soaring artificial intelligence stock prices.
President Trump rejected Iran's ceasefire response, triggering a 4% oil surge amid Middle East tensions, while Asian stocks showed mixed performance with South Korea gaining 4.1% and Japan declining 0.4%.