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Jul 18, 2025
Oil up on Iraq disruption; dollar steady
Markets remain cautious amid ongoing geopolitical tensions
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Global Markets Today: Oil Rises, Dollar Holds Firm Despite Asian Unrest Amidst a volatile global environment, financial markets continue to show mixed reactions to geopolitical and economic events, with a slight bias toward safe-haven assets. Global oil prices rose today, supported by a major production disruption in northern Iraq. Reports indicate that drone attacks targeted facilities in the Kurdistan Region, cutting production there by nearly half. This supply shortage supported crude prices, with Brent crude rising to $69.81 a barrel, while West Texas Intermediate crude rose to $67.81 a barrel. |
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Meanwhile, the US dollar continued its second consecutive weekly gain, supported by strong economic data, most notably retail sales and a decline in unemployment claims. The US dollar index rose about 0.7% this week, while the Japanese yen declined amid investor concerns about upcoming elections and a slowdown in exports.
In Asia, markets were mixed, with most indices benefiting from Wall Street's recent gains, while Japanese markets faced political pressure. The MSCI Asia-Pacific Index rose 0.7%, supported by increased risk appetite.
Outlook:
- Oil is poised for further gains if supply disruptions in the Middle East persist.
- The dollar may maintain its momentum if economic data continues to be strong.
- Asian markets are under pressure ahead of the Japanese elections.