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Brent rose to a five-week high of around $89 per barrel on Monday after a volatile session in which prices swung between gains and losses. The rally gathered pace after US President Trump warned that Iran would be held responsible for the deaths of three US service members, while Yemen's Houthi militants announced a maritime embargo targeting Saudi Arabia, heightening concerns over Red Sea energy shipments. Supply risks also remained elevated following recent attacks on oil tankers and energy facilities in Kuwait. Meanwhile, Iran said mediators had presented proposals aimed at easing tensions with the US after several days of hostilities. The conflict has seen the US carry out airstrikes on Iran for nine consecutive nights, while Iran has retaliated with missile attacks on US allies in the Middle East. Earlier in the session, an Iranian Foreign Ministry spokesman said negotiations with the US could resume, provided they align with Tehran's national interests.

Brent Back to $89

Crude oil rose to a five-week high of around $83 per barrel on Monday after a volatile session in which prices swung between gains and losses. The rally gathered pace after US President Trump warned that Iran would be held responsible for the deaths of three US service members, while Yemen's Houthi militants announced a maritime embargo targeting Saudi Arabia, heightening concerns over Red Sea energy shipments. Supply risks also remained elevated following recent attacks on oil tankers and energy facilities in Kuwait. Meanwhile, Iran said mediators had presented proposals aimed at easing tensions with the US after several days of hostilities. The conflict has seen the US carry out airstrikes on Iran for nine consecutive nights, while Iran has retaliated with missile attacks on US allies in the Middle East. Earlier in the session, an Iranian Foreign Ministry spokesman said negotiations with the US could resume, provided they align with Tehran's national interests.

Crude Oil Back on the Rise

US stocks trimmed early gains and traded mixed on Monday as escalating geopolitical tension weighed against fresh support from chip producers. The S&P 500 and the Nasdaq 100 were slightly higher, while the Dow fell over 200 points. Long-term Treasury yields rose after the US and Iran extended strikes on Monday, while Houthi forces stated they would attack commercial vessels from Saudi Arabia in the Red Sea. Fuel costs remained elevated and risked pro-inflationary pressures that support the outlook of a Fed rate hike this year. Apple and Oracle dropped around the 3% level, while Morgan Stanley and Goldman Sachs erased early gains to fall over 1% each. Still, chip producers gained as markets continued to gauge whether AI hyperscalers are due to slow spending on AI infrastructure in the next quarters. Micron and Sandisk rose 5%. Alphabet gained 2% ahead of its guidance update on Wednesday, the latest bellwether for both chip and software development capital expenditure.

US Stocks Trim Gains

The yield on Canada's 10-year government bond rose above 3.57% in July, the highest in two months, as investors weighed rising US Treasury yields against soft Canadian inflation data. US bond yields increased as tensions between the US and Iran escalated over the weekend, sending oil prices higher before they pared most of their gains following comments from Iran's foreign ministry indicating that negotiations with the US could continue. Meanwhile, Canada's annual inflation rate eased to 2.8% in June 2026 from 3.2% in May, slightly below forecasts of 2.9%. Gasoline prices increased at a slower pace, while the Bank of Canada's preferred core inflation measures fell to their lowest levels in more than five years, reinforcing the BoC's view that the impact of higher energy costs stemming from the Middle East oil supply crisis is not spreading broadly throughout the economy. The softer inflation data reduced expectations of further Bank of Canada interest rate hikes this year.

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Brent Back to $89

Crude Oil Back on the Rise

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New Zealand Inflation Rate QoQ

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