The potential for constructive dialogue regarding tanker flows between the GCC and Iran next week halted the surge in oil and gas prices at a time that financial markets fret over the inflationary outlook. Outcomes will impact global borrowing costs as the Federal Reserve sets interest rates. For economic data, the US will release retail sales, trade terms, and industrial production. Monetary policy announcements are also taking the spotlight in the UK and Japan. A busy week of data in the UK features its inflation, wages, and retail sales, while Germany publish its ZEW confidence indicator and the Euro Area will post its goods trade and industrial production. A series of key data for China includes industrial production, retail sales, unemployment, housing prices, and credit aggregates. Lastly, BRICS nations are due to meet.