Gold recovered from a one-week low as comments from President Trump helped cool U.S.-Iran tensions, causing the dollar and oil prices to fall. The move eased investor concerns about aggressive Federal Reserve interest rate hikes.
The U.S. House of Representatives is scheduled to vote next week on the Sunshine Protection Act, a bill that would end the biannual clock change. The measure, which passed the Senate in 2022 but stalled, faces renewed debate over its potential economic and safety impacts.
Renewed military exchanges between the United States and Iran in the strategic Strait of Hormuz this week have triggered fresh volatility in oil markets and disrupted key shipping routes, placing geopolitical risk at the forefront for investors.
In his first public message, Iran's new Supreme Leader Ayatollah Mojtaba Khamenei pledged retaliation for the killing of his father, a move that threatens a fragile U.S.-Iran truce and raises geopolitical risks for global markets.
Claudio Descalzi, CEO of Italian energy major Eni, cautioned that crude prices could break above $100 per barrel by early 2027 if Middle East conflicts continue, citing dwindling strategic reserves and the need for supply diversification.
Iran's Islamic Revolutionary Guard Corps (IRGC) navy has closed the critical Strait of Hormuz maritime chokepoint until further notice, according to state media reports. The move, which could significantly impact global oil markets, followed an incident where the IRGC fired a warning shot at a vessel.
U.S. Treasury yields declined on Monday as investors assessed a much weaker-than-expected June jobs report, increasing speculation about a less aggressive Federal Reserve ahead of key policy meeting minutes.
The Japanese yen has resumed its slide, trading near multi-decade lows as traders test Tokyo's resolve after no currency intervention materialized during a recent holiday. The move comes even as the U.S. dollar faces its own pressure from scaled-back Fed rate hike expectations.
The Bank of Israel lowered its benchmark interest rate for the second consecutive time, cutting it to 3.50% as policymakers seek to address the impact of a strong shekel on the nation's exporters.
