Claudio Descalzi, CEO of Italian energy firm Eni, cautioned that persistent conflict in the Middle East could push crude oil prices above $100 per barrel by early 2027, citing dwindling strategic reserves and supply vulnerabilities.
The U.S. military has retaliated against Iran following an attack by the IRGC on a civilian container ship, according to U.S. Central Command. The incident in the Strait of Hormuz left the vessel disabled and a crew member missing, raising geopolitical risks for energy markets.
Iran launched missile and drone attacks on US facilities in several Gulf nations and announced the closure of the Strait of Hormuz, a critical oil chokepoint, following a new wave of retaliatory US airstrikes.
Taiwan's central bank intervened in the foreign exchange market in June, contributing to a drop in its reserves to $597.15 billion amid a strengthening US dollar.
The Bank of Israel has reduced its benchmark interest rate for the second consecutive time to 3.50%, a move aimed at curbing the shekel's strength amid pressure from exporters and government officials.
The rand fell approximately 0.5% against the U.S. dollar, pressured by a broader sell-off in emerging-market assets after reports of escalating conflict in the Middle East.
The EOS cryptocurrency experienced its largest single-day percentage drop since July 4, falling over 15% while major tokens like Bitcoin and Ethereum posted gains. The token remains down more than 99% from its 2018 all-time high.
The price of EOS fell more than 15% in early Saturday trading, its largest single-day drop in recent sessions, even as major cryptocurrencies like Bitcoin and Ethereum posted modest gains.
Bitcoin is on track for a weekly rise, supported by softer U.S. labor market data that has tempered expectations for a Federal Reserve rate hike and a return to net inflows for spot ETFs.
