Oil Surges 15.5% Amid Middle East Tensions as ECB, RBNZ Signal Rate Hikes Ahead

According to Yonhap Infomax, oil prices surged this week on escalating Middle East tensions. WTI crude rose 15.5% in the week ending July 19, marking the largest weekly gain since Iran conflict began in early July.

Key central bank meetings loom: the European Central Bank holds its rate decision on July 23, expected to keep rates at 2.25% but signal potential hikes in September and December. New Zealand's central bank releases Q2 consumer price data on July 21, with inflation expected to rise 1.4% quarter-over-quarter, likely strengthening rate hike bets for September. Indonesia's central bank is forecast to raise rates by another 25 basis points to 6.0% on July 22, continuing efforts to counter currency weakness and inflation driven by surging oil prices.