News

BlockBeats News, June 11th. Due to the continued inflationary pressure from the Iran conflict, the U.S. saw the fastest rise in producer prices in over three years in May. Data released by the U.S. Bureau of Labor Statistics on Thursday showed that the U.S. May PPI rose by 6.5% year-on-year, marking the largest increase since November 2022; a 1.1% increase month-on-month. The core PPI, which excludes food and energy, rose by 4.9% year-on-year. This report highlights the increasingly severe impact of the energy price shock caused by the closure of the Strait of Hormuz on the U.S. economy. As the conflict is unlikely to be resolved in the short term, businesses are passing on higher energy and transportation costs, making other goods and services more expensive. Combined with earlier data this week showing the fastest rise in consumer prices in three years in May, Thursday's PPI report may further reinforce the market's expectations of a Fed rate hike in 2026. With the labor market seemingly regaining momentum, the Fed is shifting its focus to containing inflation. (Kylow)

U.S. and Brent crude oil prices have risen by approximately $2, currently reported at $90.92 per barrel and $92.84 per barrel, respectively. In related news, U.S. President Trump stated that the U.S. will take strong measures against Iran tonight. The U.S. will seize Khark Island and will fully control Iran's oil and gas market.

Spot gold has decreased by $20 in the short term, now reported at $4069.45 per ounce.