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Global Economy · Market Impact · Oil Prices · US-Iran Conflict
The US-Iran conflict escalated with President Trump ordering strikes on Iranian military assets on Kharg Island, pushing U.S. crude prices near $100 per barrel and Brent to $103.7, while Goldman Sachs estimates a 0.3% shave off global GDP.
The Trump administration weighs further strikes on Iran's "oil lifeline," Kharg Island, and U.S. Ambassador Mike Waltz repeated the warning. Goldman Sachs projects the energy price surge will increase headline inflation by 0.5% to 0.6% over the next year, with higher natural gas prices adding further pressure, especially in Europe and Asia, if the Strait of Hormuz remains closed.
Asia-Pacific markets traded mixed; Hong Kong's Hang Seng rose 1.45%, South Korea's Kospi added 1.14%, while Japan's Nikkei 225 fell 0.13% and Australia's S&P/ASX 200 declined 0.39%. China's consumption and industrial output beat expectations, with retail sales up 2.8% and industrial output climbing 6.3%.
Bitcoin gained over 3% to $73,844.20, and Ether jumped 6% to $2,263.93. U.S. stock futures rose slightly after a losing week, with Dow, S&P 500, and Nasdaq-100 futures all up 0.3%.
Last Friday, the S&P 500 shed 0.61%, Nasdaq Composite declined 0.93%, and Dow Jones Industrial Average fell 0.26%.
US-Iran Conflict Escalates; Oil Surges, GDP Impact Looms(current)
