Global Markets Face Energy Crisis as Trump Rejects Iran Peace Deal; BOJ Turns Hawkish
Energy markets remain volatile following the U.S. release of 53.3 million barrels from the Strategic Petroleum Reserve to combat gasoline prices exceeding $4.50 per gallon. President Trump's rejection of Iran's peace proposal has intensified geopolitical tensions, keeping Brent Crude above $104 and prolonging disruptions in the Strait of Hormuz. Meanwhile, the Bank of Japan surprised markets with an aggressive hawkish stance, with board members calling for rate hikes without hesitation to address inflation risks despite Japan's household spending plummeting 2.9% in March. Kevin Warsh advanced toward Federal Reserve confirmation after clearing a critical Senate procedural vote.
MA
Tuesday, May 12, 2026 at 11:20 AM
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