Oil Prices Ease as Iran-Israel Conflict Enters Sixth Day

Reuters,

Oil prices moderated in Asian trading on Wednesday after a 4% surge in the previous session, reflecting market uncertainty over potential supply disruptions due to the ongoing Iran-Israel conflict. Brent crude futures fell by 0.5% to $76.10 a barrel, while U.S. West Texas Intermediate dropped 0.3% to $74.61. The market’s focus remains on the risk of supply interruptions in the Strait of Hormuz, through which a fifth of global seaborne oil passes. Iran, OPEC’s third-largest producer, is pumping around 3.3 million barrels per day, though analysts note OPEC+ has enough spare capacity to replace lost Iranian exports if needed. Meanwhile, Israel is reportedly running low on “Arrow” missile interceptors, raising concerns about defense capabilities. The U.S. Federal Reserve’s ongoing rate discussions, along with the Middle East conflict, continue to weigh on oil prices and broader economic prospects, as lower interest rates could stimulate growth but surging oil prices risk fueling inflation.

Iran Urges Citizens to Delete WhatsApp Amid Espionage Claims

AP News,

Iranian state television has called on citizens to remove WhatsApp from their phones, alleging—without evidence—that the messaging app collects information for Israel. WhatsApp, owned by Meta, rejected the claims, stressing that it uses end-to-end encryption and does not track personal messages, user locations, or provide bulk data to any government. Cybersecurity experts note that while metadata about app usage can sometimes be inferred, messages themselves remain secure. The broader issue of data sovereignty has also been raised, as data from Iranian users is unlikely to be hosted domestically. Despite periodic bans on WhatsApp and other social media, Iranians often use VPNs and proxies to bypass restrictions. WhatsApp was previously banned during 2022 protests but restored late last year, remaining popular alongside Instagram and Telegram.

Elon Musk Shares Negative Drug Test Results After Allegations

Sky News,

Elon Musk has posted negative drug test results on his X platform following accusations of substance abuse during Donald Trump’s campaign last year. The document from Fastest Labs of South Austin, dated June 11, indicated no illegal substances were detected. Musk ridiculed The Wall Street Journal and The New York Times for reporting the allegations and challenged the journalists to share their own drug test results. He reiterated his denial of all claims and criticized both outlets for what he termed “fake news.” The move comes as X, his social media company, sues New York state over new legislation requiring disclosure of content moderation practices, arguing the law is unconstitutional.

Global Markets Tense Ahead of Fed Decision Amid Mideast Turmoil

Reuters,

Global markets remained jittery on Wednesday, with investors cautious amid continued Israeli air strikes on Iran and heightened anticipation of the U.S. Federal Reserve’s policy announcement. European stocks and oil prices showed little direction, with Brent crude down 0.8% to $75.92 but still tracking a weekly gain. The escalating conflict—marked by Israel’s largest-ever strike on Iran and mass evacuations from Tehran—has intensified concerns over oil supply, inflation, and the risk of broader U.S. involvement. President Trump’s call for Iran’s unconditional surrender has added to market anxiety. Currencies such as the dollar and yen held steady, reflecting haven demand. The Fed is expected to hold rates steady, but the market will closely scrutinize the “dot plot” for hints on future rate cuts, especially as the U.S. economy shows signs of slowing and Middle East tensions threaten global inflation.