BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Sam Altman Reportedly Explored Funding for Rocket Venture in Potential Challenge to SpaceX 
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets 
ExxonMobil to Shut Older Singapore Steam Cracker Amid Global Petrochemical Downturn 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Momenta Quietly Moves Toward Hong Kong IPO Amid Rising China-U.S. Tensions 
European Oil & Gas Stocks Face 2026 With Cautious Outlook Amid Valuation Pressure 
Visa to Move European Headquarters to London’s Canary Wharf 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
GM Issues Recall for 2026 Chevrolet Silverado Trucks Over Missing Owner Manuals 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
IKEA Launches First New Zealand Store, Marking Expansion Into Its 64th Global Market 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
Firelight Launches as First XRP Staking Platform on Flare, Introduces DeFi Cover Feature 
Oil prices fluctuated near a seven-month low as global market selloffs offset rising Middle East tensions. Brent futures traded around $77 per barrel, while West Texas Intermediate held at $74 amid fears of a delayed Federal Reserve response and potential Iranian strikes on Israel.
Oil Prices Near Seven-Month Low as Market Selloff and Middle East Tensions Weigh on Demand
Oil fluctuated near a seven-month low as a selloff in broader financial markets counteracted the increasing tensions in the Middle East. Traders were on the lookout for a potential retaliatory strike on Israel by Iran.
Brent futures were trading at approximately $77 per barrel after closing at their lowest level since early January on August 2, while West Texas Intermediate remained at roughly $74. According to Yahoo Finance, on August 5, global equities experienced a deterioration in value amid apprehensions that the Federal Reserve would postpone its response to the US economy's slowdown.
Nevertheless, the market is anticipating a potential military strike against Israel by Iran and regional militias in response to the assassinations of Hezbollah and Hamas officials. The United States has dispatched defensive reinforcements to the region.
Oil has experienced a four-week decline in response to indications of declining demand in the United States and China. China has announced plans to increase domestic consumption over the weekend. After gaining on OPEC+ supply limits and concerns that the conflict in the Middle East could impact regional production, crude oil has been almost flat for the year.
“While there are growing demand concerns, geopolitical risks continue to hang over the oil market,” Warren Patterson, head of commodities strategy at ING Groep NV in Singapore, said in a note. He added that an escalation in the Middle East may lead to short-term volatility, but a disruption to crude supply is needed to see sustained price strength.
Blinken Warns G-7 of Imminent Iran-Hezbollah Attacks on Israel; Saudi Arabia Raises Oil Prices
Axios reported that US Secretary of State Antony Blinken informed his G-7 counterparts on August 4 that Iran and Hezbollah could attack Israel as early as August 5. The report cited three unidentified sources who were briefed on the call. According to the report, Blinken stated that the United States is uncertain about the precise scheduling of the strikes, but it anticipates that they will commence within the next 24 to 48 hours.
In other news, Saudi Arabia has increased the price of its flagship petroleum to Asia for the first time in three months, a tentative indication that the kingdom is still optimistic about the region's demand. It implemented substantial reductions in the United States and Europe.
