Breakfast Briefing | 4 June 2026 | Oil Surges as Hormuz Stays Shut

Energy markets are once again front and centre. With the Strait of Hormuz closed and clashes in the Persian Gulf intensifying, WTI crude has climbed to just over USD 96/bbl and Brent to USD 98/bbl. American crude stockpiles have now fallen for a sixth consecutive week, and US strategic reserves sit at their lowest in 22 years.Domestically, the Australian Bureau of Statistics reported Q1 GDP growth of 2.5% year-on-year, but momentum is fading. Rising interest rates and significantly higher fuel costs in the March quarter weighed on household spending, exports fell, and a surge in data centre equipment spending may have accounted for the entire quarterly gain.In the US, the data is mixed. ADP private payrolls rose 122,000 in May — the strongest reading since January 2025 — but both the ISM and S&P Global services PMIs describe a jobless expansion, with firms shedding staff even as new orders grow.The Bank of Japan meets in just over a week, with Governor Ueda signalling rate hikes are firmly on the table to counter rising inflation.Markets: AUD at 71.3 USc, AU 10-year yield at 4.94%, US 10-year at 4.49%, Gold down USD 45 to USD 4,437/oz, Bitcoin off 2.4% at USD 65,847, S&P 500 down 0.5%, ASX 200 up 0.7%.https://www.interest.com.au/economy/698/us-data-mixed-inconsistent-canada-house-prices-fall-japan-assess-rate-hike-china#BreakfastBriefing #InterestComAu #AustralianEconomy #RBA #InterestRates #OilPrices #GDP #GlobalMarkets #BankOfJapan #EnergyMarkets