Breakfast Briefing | 25 June 2026 | Hormuz Reopening Sends Oil and Gold Lower

A broad risk-off session, driven by an international agreement to reopen the Strait of Hormuz, which is expected to send hundreds of tankers and cargoes back into a market where demand is already softening.Australian May CPI eased to 4.0%, a four-month low and below the 4.4% expected. The trimmed mean, however, rose to 3.6%, signalling underlying inflation is still firming.The Hormuz reopening points to lower oil prices ahead, which would help ease imported inflation pressures for Australia.US data came in soft: new home sales fell to 2022 levels, and crude oil stocks have now declined for nine consecutive weeks.The Bank of Japan signalled further rate hikes toward a neutral rate near 2%, with policy currently at 1%.The Australian dollar fell to a seven-month low at 68.9 USc as the rate gap narrows.Markets: AU 10yr 4.72%, US 10yr 4.40%, gold USD 3,978/oz (-USD 152), US crude USD 70.50/bbl, Brent USD 74/bbl, bitcoin USD 59,403 (-4.9%). The ASX 200 closed +0.2%.Full report with source links: https://www.interest.com.au/economy/733/opening-hormuz-expected-create-new-distortions-us-data-soft-taiwan-data-strong-china#BreakfastBriefing #RBA #InterestRates #AustralianEconomy #interestcomau #Oil #Gold #Inflation #Commodities #GlobalMarkets