China is likely to keep its crude inventories low and sustain historically low import levels for several more months, possibly into 2027, according to Capital Economics. Economist Hamad Hussain notes the sharp decline in China’s crude imports has capped global oil prices, attributing it to the end of China’s stockpiling streak rather than weaker demand from long‑term trends such as rising EV adoption.

The recent re‑escalation of the Middle East conflict could shift the energy disruption from a crude‑routing issue to a broader supply‑chain crisis, ANZ commodity strategists warn. They cite China’s reduced imports as a buffer that has kept the market stable, but new strikes threaten to undermine the Red Sea and Bab el‑Mandeb shipping route. ANZ maintains its end‑Q3 2026 Brent forecast of $92 per barrel, warning that Brent could climb toward $120 if regional disruptions intensify.

Singapore’s core inflation is expected to tick higher to around the 2% mark this month following a 17% electricity tariff hike, Maybank economists report. Core inflation reached 1.6% last month, up from 1.4% in May. The Monetary Authority of Singapore and the Ministry of Trade and Industry keep their 1.5%‑2.5% forecast for core and headline inflation this year.