Oil jumps as US Iran tensions escalate; China price pressures revive
Energy-led demand for oil rose as US reported destroying additional Iranian oil tankers and striking near Kharg Island; China’s consumer and producer price pressures revived via an energy spike.
ECB officials signalled they are set to tighten again, while the path beyond September is less clear. US military strikes destroyed 5 more Iran oil tankers after missile attacks on Navy assets. Fox News said US military hit targets near Iran's Kharg Island, while Iran launched an undisclosed second wave of attacks on US Navy ships. Oil climbed after the report of US strikes near Iran's Kharg Island.
Shipping traffic via Hormuz remained below the 10-day average. China consumer and producer price pressures revived on the energy spike. The US said it will ban Canadian motorcycle, dairy and alcohol imports as trade war tensions continue. Trump said he will block Canadian firms from government contracts.
Japan's rising yields are stoking debate over growing repatriation risk. The yen strengthened on prospects of two BoJ rate hikes by year-end. " The UK paid its highest borrowing rate on record. The US said Alibaba and DeepSeek have systematically siphoned AI models.
Meta debuted an AI agent that can access other apps, emails and make payments.