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Agency: Attacked Vessel Not Under UN Evacuation Framework; Hormuz Evacuation Suspended
An agency stated that the attacked vessel was not operating under the UN evacuation framework, and the Hormuz evacuation program remains suspended pending security clarity.
US and Uzbekistan Agree to Deepen Trade and Investment Ties
The United States and Uzbekistan have committed to reciprocal tariff reductions on industrial and agricultural goods and agreed to accelerate talks toward a bilateral trade and investment agreement.
WTI Crude Oil Rebounds Above $71.50 Amid Short Covering
West Texas Intermediate crude oil rose more than 2% on Thursday, trading near $71.50, as short covering lifted prices after a three-day losing streak. Traders are monitoring fresh developments in the Strait of Hormuz.
Gold Holds Above $4,000 After Hitting New Lows, Silver Stabilizes Under $60
Gold prices steadied just above $4,000 after breaking to new lows yesterday, while silver paused under $60. Two potential catalysts that could have lifted metals from those lows failed to materialize.
Silver Squeeze Unwinds but Sixth Annual Shortage Persists
The speculative squeeze on silver that built up in late 2025 has eased, but underlying supply deficits continue for the sixth straight year, complicating the bearish outlook.
UK Police Halt Two AI Models for Child Crime Risk Over Low Accuracy
Avon and Somerset Police and Bristol City Council have stopped using two AI tools for assessing child crime risk after audits revealed low accuracy and a lack of transparency, including missing source code.
Central Bankers Plan to Keep Accumulating Gold at Record Pace
Central bank gold reserves have risen by an average of 1,000 tonnes per year over the last four years, doubling the previous decade's average pace. The trend is expected to continue.
Gold Breaks Below $4,000, Down 28% from January Highs
Gold fell below $4,000 per ounce on Wednesday, marking a 28% drop from its record highs in January. The decline is described as a normal correction within a secular bull market.
Iran Proposes Fees for Strait of Hormuz Transit, WSJ Reports
Iran is pitching a plan to charge vessels for transiting the Strait of Hormuz, potentially earning $40 billion annually, according to the Wall Street Journal.
Crude Oil Poised for Rebound on Draws and Shorts – TD Securities
TD Securities strategists note that crude oil flows through the Strait of Hormuz are gradually normalizing, but around 10-11 million b/d of Middle East production remains at risk. Inventory draws and short positioning set the stage for a rebound.
Commerzbank: US Long-Run Growth Success but Faces China Challenge
Commerzbank economists highlight the US as a long-term growth success due to population gains, immigration, and productivity, but warn of a serious challenge from China.
US Indices Open Higher: Nasdaq +0.92%, S&P 500 +0.78%, Dow +0.63%
All three major US stock indices opened higher on the day, with the Nasdaq gaining 0.92%, the S&P 500 rising 0.78%, and the Dow Jones adding 0.63%.
US May PCE Inflation Rises to 4.1%, Highest Since April 2023
The US May PCE inflation, the Fed's preferred metric, rose to 4.1% year-over-year, the highest since April 2023. Core PCE rose to 3.4%, its highest since October 2023, more than double the Fed's 2% target.
WTI Oil Declines on Hormuz Normalization, US Iran Waiver
West Texas Intermediate crude fell for a fourth straight session as the normalization of Strait of Hormuz traffic and a US waiver on Iran sanctions eased supply concerns. WTI traded around $69.30, down 0.65% on Thursday.
TD Securities: Gold Strong During US Equity Lost Decades
TD Securities analyst Izidor Flajsman notes that precious metals, especially gold, have historically delivered strong real returns during US equity 'lost decades', outperforming broad commodities.
US Q1 GDP Growth Revised Up to 2.1% from 0.5%
The U.S. economy expanded at a 2.1% annualized rate in Q1 2023, according to the final estimate from the Bureau of Economic Analysis, a sharp increase from the previous quarter's 0.5% growth.
US Durable Goods Orders Decline 4.5% in May as Expected
The US Census Bureau reported that Durable Goods Orders fell 4.5% ($15.6 billion) to $332.1 billion in May, following an upwardly revised 8.5% gain in April.
Iran Parliament Speaker Dismisses Trump's Claim on Frozen Assets
Iran's Parliament Speaker responded to President Trump's assertion that unfrozen Iranian assets would be used to buy US agricultural products, stating that the only harvest is 'decades of mistrust' planted by the US.
Quantum Computing Backs Case for US Industrial Policy, Economists Say
The Economist columnists argue quantum computing is a unique area justifying early US government intervention, as commercial products and dominant architectures are still lacking.
Rubio Reiterates Criticism of Iran's Toll Plans Near Strait of Hormuz
US Secretary of State Marco Rubio reiterated criticism of Iran's proposed toll system near the Strait of Hormuz, a key chokepoint for nearly 20% of global energy supplies, after meeting with Gulf leaders.
RBC: US Consumer Resilience Tested by Persistent Inflation
RBC strategists note that while the US consumer has remained resilient in 2026, persistent inflation and the earlier energy price shock have eroded households' ability to absorb further price increases.
Micron Lifts US Stock Futures as Oil Declines; Nasdaq Set to Recover
US stock futures rise on Micron's boost, while oil prices continue to fall. The Nasdaq, down over 5% in June, could surge more than 2% if futures hold.
Oman Rules Out Tolls on Strait of Hormuz
Oman's Foreign Ministry stated on Thursday that future arrangements for the Strait of Hormuz will not include transit tolls, allaying fears over the critical energy corridor.
Eli Lilly Announces Medicare GLP-1 Bridge Program for Obesity Meds
Eli Lilly will offer its obesity drugs Zepbound and Mounjaro to eligible Medicare Part D patients starting July 1, 2026, at $50/month. An estimated 20 million beneficiaries may qualify for coverage through the end of 2027.