WTI and Brent crude gained as much as 1% intraday, trading at $71.11/bbl and $74.14/bbl respectively.

Mexico will extend anti-dumping duties on U.S. carbon-steel pipe imports for five years, the Official Gazette said.

Westpac expects the RBNZ to begin raising the OCR in September but to deliver only one further hike through year‑end. It cites an early resolution of the Iran conflict as weakening the inflation outlook and bringing forward the recovery, reducing the need for aggressive tightening. Westpac now forecasts an OCR peak of 4.00% at end‑2027, easing to a neutral 3.75% by end‑2028; it had previously forecast a 4.25% peak. The bank says this implies one fewer hike than its most recent forecast but one more than its pre‑conflict projection.