Donald Trump said on Truth Social that gas stations should cut retail gasoline prices immediately and aim for about $2.50 a gallon, warning of “big problems” if they do not. He also said he had directed the Justice Department to look into alleged price gouging by oil companies. AAA put the U.S. average gasoline price at $3.86 a gallon, with California around $5.45. WTI traded near $70.36 a barrel and Brent near $73.61, while BNO and USO edged up on the day but were down more than 17% over the past month.

Spot gold fell 1.5% to $3,957.74 an ounce and was headed for a fourth consecutive monthly drop, with a monthly decline of 12.7%. Silver, platinum and palladium also moved lower. Markets are pricing about a 63% chance of a September Fed rate increase and the U.S. dollar was set for a monthly gain, weighing on non-yielding metals.

The yen fell to 162.27 per dollar, its lowest level since 1986, heightening expectations that Japan’s Ministry of Finance could step in to support the currency. Earlier interventions totaling 11.7 trillion yen and recent Bank of Japan rate hikes have failed to halt the slide as the U.S.-Japan interest rate gap continues to weigh on the yen. Attention is now on Thursday’s U.S. June jobs report, which could shape the Federal Reserve’s rate outlook and influence the timing of any Tokyo action.

The US and Iran agreed to halt attacks on each other ahead of peace talks this week covering the Strait of Hormuz, easing geopolitical tensions. South Korea unveiled an $880 billion investment plan for chips and data centers, boosting expectations for global AI infrastructure spending. The Nasdaq rose more than 2% while the S&P 500 finished higher, and Brent crude hovered near $73 a barrel.

The U.S. Supreme Court, in a 5-4 decision, blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook for now after finding she was not given the procedural protections required by statute. The ruling effectively preserves term protections rooted in the 1930s Humphrey’s Executor precedent for independent regulators, while a separate decision broadened presidential power to dismiss leaders of other federal agencies. The court explicitly carved out the Fed, reinforcing market confidence in the central bank’s policy independence and reducing near-term risks of political interference.

Donald Trump said on Truth Social that gasoline retailers should immediately lower pump prices to around $2.50 per gallon, warning of “big problems” if they do not. He previously instructed the Justice Department to examine oil companies for allegedly keeping pump prices high despite declining crude costs. The article also notes that oil prices rose earlier this year after U.S.-Israeli strikes on Iran and retaliatory attacks, with a ceasefire reached in April and later extended amid mutual accusations of violations.

Russia is considering temporarily easing sulfur limits for gasoline and diesel after Ukrainian drone attacks damaged refineries and tightened fuel supply. The move would allow more production of lower-grade fuel to ease pressure on domestic availability. The measure would not directly increase crude demand but highlights mounting strain across Russia’s fuel supply chain.

Kernex Microsystems (India) posted FY26 net profit of ₹882.43 crore, up 75% year on year. In Q4, revenue reached ₹2,546 crore and EBITDA margin rose to 41.3%. The company has launched a postal ballot to seek shareholder approval to expand the board’s borrowing powers, increase remuneration for three whole-time directors and the managing director, and ratify related-party transactions.