It’s not over till it’s over

Wednesday 8th July 2026

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Oil rose a little overnight after Iran fired shots on ships approaching the Hormuz Strait. NAB’s Skye Masters says the price rise was probably capped by the release of the latest IEA forecast, forecasting a fall in demand and a further fall in prices next year. Bond yields have moved higher overnight, in part because of the Gulf situation, but also growing debt issuance, including a massive new increase from Amazon. Markets also responded unfavourably to Samsung’s forward guidance. Today the RBNZ is the focus, with a rate hike expected.

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