Australia’s corporate regulator has sued nonbank lender Oak Capital in the Federal Court, alleging it structured loans to avoid the National Credit Code and engaged in unconscionable conduct across 47 loans. Oak Capital entered liquidation in May 2026, pausing the court proceedings. ASIC said it intends to seek permission to resume the case. Oak Capital previously reported $700 million in funds under management, drawing renewed attention to compliance and credit risk in Australia’s nonbank lending sector.

After the US and Iran agreed a 60-day ceasefire in the Middle East, Brent crude fell from wartime highs near $US120 a barrel to about $US73 a barrel and shipping through the Strait of Hormuz largely resumed. However, mines Iran laid in the strait have yet to be cleared, Iran may later charge vessels for transiting the waterway, and insurance rates remain elevated at 3–8%. With refinery and strategic inventories heavily drawn down and China’s May crude imports down about 40% year on year, the market faces a mix of a short-term supply surge and a longer-term risk premium.