Forex
Trump's Iran Comments Spark Oil Market Fears Amid Rate Hike Bets
US President Donald Trump's comments on Iran's economic woes have sparked concerns about global oil markets. Trump told WABC Radio that Iran is 'in bad shape' due to inflation running near 300% and a currency he called virtually valueless.
The remarks came as a senior Iranian official said Tehran is preparing an economic warfare campaign targeting Gulf oil bypass terminals and the Strait of Hormuz shadow fleet, aimed at driving up US pump prices ahead of the November midterms.
In response to these developments, oil prices held near recent highs in steady trade. The data also showed Japan's July core CPI rose 1.8% year on year, adding to the case for a Bank of Japan rate hike at its September meeting.