The International Maritime Organization's governing council has condemned Iran's creation of an authority to control traffic in the Strait of Hormuz, calling on member states to reject Tehran's sovereignty claims over the critical shipping lane.
Silver is consolidating below the critical $61.85 resistance level, with multiple technical indicators suggesting sellers retain control and downside risk is elevated.
European wheat futures surged over 4% amid market speculation that Russia could close the Sea of Azov to shipping, threatening grain exports from the key Black Sea region.
Senior U.S. officials stated that Washington requires a public commitment from Iran to cease attacks on shipping and ensure free passage through the critical oil chokepoint, linking the demand to broader nuclear negotiations.
Gold prices are on track for a weekly decline as a surge in oil prices, driven by renewed U.S.-Iran tensions, has heightened investor concerns about persistent inflation and a more hawkish Federal Reserve.
President Donald Trump said the critical Strait of Hormuz is open to commercial shipping, a statement aimed at calming market fears over a key oil chokepoint amid ongoing military exchanges with Iran.
Analysts at Citi report that the Japanese yen's persistent weakness is being driven by investors selling the currency to hedge their exposure to Japan's surging stock market. The bank identifies ¥165 per dollar as a key level to watch.
China has imposed an immediate, temporary ban on helium exports, a move aimed at safeguarding its domestic supply as renewed conflict in the Middle East threatens the global market for the critical gas used in semiconductor manufacturing.
Speculative short positions on the Japanese yen are approaching multi-year highs, increasing the risk of a sharp reversal, according to Bank of America. The bank notes that foreign investors turned net sellers of Japanese assets in June and outlines several potential catalysts for an unwinding of the crowded trade.
