Explosion heard near Iran’s Qeshm Island

An explosion was heard near Qeshm Island in southern Iran, according to the official news agency IRNA on Tuesday. Qeshm Island, situated in the Strait of Hormuz, is the largest island in the Gulf. No rockets or missiles are believed to have struck the island, though authorities have yet to release an official statement about the blast's origin or nature.

WTI Oil, a type of crude oil sold on international markets, experienced a 2.35% decline on Tuesday, trading at $89.48. WTI, also known as "light" and "sweet" crude oil, is considered a high-quality oil that is easily refined. The price of WTI Oil is influenced by factors such as global growth, political stability, OPEC decisions, the US Dollar's value, and weekly oil inventory reports.

OPEC, a group of 12 oil-producing nations, collectively determines production quotas for member countries at twice-yearly meetings, which can impact WTI Oil prices. Lallalit Srijandorn, originally from Paris, now calls Paris and Bangkok home, working as a digital entrepreneur. The Australian Dollar (AUD) weakened against the US Dollar (USD) on Monday, briefly dipping below the key 0.7100 level.

The stronger US Dollar continues to put downward pressure on the Aussie, as traders await the upcoming Trump-Xi Summit. In Asian trading, USD/JPY showed modest gains, hovering near 157.50, as intervention fears helped cushion losses for the Japanese Yen. The Bank of Japan (BoJ) recently raised its short-term interest rate target to 1.25%, signaling a step towards normalizing monetary policy.