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Trump Says Strait of Hormuz Open, Reinstates Iran Blockade, Proposes 20% Fee
President Trump announced the Strait of Hormuz will remain open, reinstated the Iranian Blockade, and proposed a 20% reimbursement fee on cargo shipped through the waterway to cover U.S. security costs.
Trump Reinstates Strait of Hormuz Blockade, Imposes 20% Cargo Fee
President Trump announced the US is reinstating a blockade of the Strait of Hormuz for Iranian ships and customers, and will charge a 20% fee on all cargo shipped through the strait, calling the US the 'Guardian of the Strait of Hormuz.'
Rabobank: US June CPI Seen at 3.8% YoY; Fed Speakers, Warsh Testimony in Focus
Rabobank senior macro strategist Bas van Geffen highlights a data-heavy week for the US dollar, with June CPI expected to cool to 3.8% year-on-year. Core inflation figures and testimony from Kevin Warsh also on the calendar.
Fed Minutes Show Hawkish Bias, TD Securities Says
TD Securities economists note that the June FOMC minutes were hawkish, with most participants ready to hike if supply-driven inflation persists.
UAE Plans New Fujairah Port to Bypass Strait of Hormuz
The UAE is developing a new multipurpose port in Fujairah, allowing containers to bypass the Strait of Hormuz, with overland trucking to Dubai and Abu Dhabi.
Dubai Port Operator in Talks for New Fujairah Terminal and Multipurpose Port
A Dubai-based port operator is reportedly in talks to build a new multipurpose port along Fujairah's coastline and a new terminal at the emirate's existing harbour.
DP World to Build New Port on UAE East Coast, Bypassing Strait of Hormuz
DP World plans to develop a new port and container terminal on the United Arab Emirates' east coast, reducing dependence on the Jebel Ali hub and providing an alternative route that avoids the Strait of Hormuz.
Commerzbank: Swiss Federalism and Direct Democracy Boost Growth
Commerzbank analyst Dr. Jörg Krämer argues that Switzerland's strong federalism and frequent financial referenda are key drivers of its superior economic performance, as cantons and municipalities compete for taxpayers.
US Indices Mixed at Open: S&P 500 and Nasdaq Fall, Dow Edges Up
The S&P 500 fell 0.31%, the Nasdaq dropped 0.74%, while the Dow Jones gained 0.09% at market open.
Oil rises as US-Iran tensions revive Strait of Hormuz risk – BNY
BNY's Geoff Yu says renewed US-Iran tensions have lifted Brent and WTI as markets reassess energy supply risks and broader macro implications.
Trump: US Will Likely Take Over Strait of Hormuz
President Donald Trump said in a Fox News interview that the US will probably take control of the Strait of Hormuz and argued for reimbursement.
UK Designates IRGC, IMCR, and GRU Volunteer Corps Under New State Threats Powers
The UK government has announced the first designations under its new state threats powers, targeting the Islamic Revolutionary Guard Corps, the Islamic Movement of Companions of the Right, and Russia’s GRU Volunteer Corps.
Middle East Conflict Roils Markets, Oil Pulls Back From Highs
Renewed hostilities in the Middle East initially disrupted markets but oil prices retreated from session highs while equities stabilized. August WTI briefly traded above $75 before settling around $73.50.
Gold at Risk of Breaking $4K Support Amid Middle East Tensions
Gold opened lower on Monday with a $20 gap, pressured by a worsening geopolitical situation in the Middle East that raises inflationary risks and fuels expectations of a hawkish Fed.
India June CPI Rises 4.38%, Beats 4.3% Estimate
India's retail inflation accelerated to an annual 4.38% in June, exceeding the 4.3% consensus forecast and the previous month's reading.
US-Iran War Rhetoric Persists, Markets Await Catalyst
The latest EU mid-market update indicates that both the U.S. and Iran continue to reiterate similar statements regarding the state of war, with the chips sector down and no major catalyst in sight.
Busy Week Ahead: U.S. CPI, Fed Testimony, China GDP
Markets gear up for a data-heavy week featuring U.S. June CPI and PPI, Fed Chair Kevin Warsh's congressional testimony, China's Q2 GDP, and key bank earnings.
Silver Falls 1.92% to $58.72 per Troy Ounce
Silver prices declined on Monday, dropping 1.92% to $58.72 per troy ounce, according to FXStreet data.
Rabobank: Oil Markets Price Renewed Hormuz Risks After US-Iran Pact Collapse
Rabobank strategist Michael Every warns that geopolitical risks around the Strait of Hormuz are rising after the apparent collapse of a US-Iran memorandum of understanding, with both sides now striking each other and the US shifting to escorted energy shipments.
Oil Surges 4% as US-Iran Tensions Escalate, Strait of Hormuz Risk
Brent crude jumped nearly 4% above $79 per barrel after fresh attacks between the US and Iran in the Gulf, with Iran threatening to close the Strait of Hormuz.
Iran Says It Has Not Attacked Any Regional Country, Only U.S. Positions
Iran's foreign ministry spokesman stated on Monday that Tehran has not attacked any country in the region, only American positions in response to U.S. attacks. He urged neighboring countries to deny use of their territory to the U.S. or Israel for attacks against Iran.
Brent Crude Rebounds to Test Key Resistance at 200-DMA
Brent crude oil has rebounded from the late-February low near $69 and is now challenging the 200-day moving average and a descending trendline, according to Societe Generale's Kenneth Broux.
Iran Confirms Qatar, Oman, Pakistan Mediating with US - Foreign Ministry
Iran's Foreign Ministry spokesperson confirmed on Monday that Qatar, Oman, and Pakistan continue to mediate tensions with the United States during European trade hours.
EU Boosts Russian Yamal LNG Purchases Ahead of Import Ban
The European Union significantly increased purchases of Russian Yamal LNG between January and June, paying an estimated €5.96 billion ($6.82 billion), according to NGO Urgewald. This surge comes as the EU prepares to implement an import ban.