Oil

• The ASX is projected to reach a new record high, with an expected opening rise of approximately 0.4%. • This positive momentum follows a record close for Wall Street's S&P 500, driven by strong corporate earnings and reduced fears regarding interest rate hikes. • The market outlook remains critical as investors await a key interest rate decision from the Reserve Bank of Australia (RBA).

Drone strike comes after Riyadh signs defence pact and Iran issues tough demands to reopen of strait of HormuzMiddle East crisis live – latest updatesYemen’s Tehran-aligned Houthis have claimed responsibility for an attack on a refinery in Saudi Arabia, two days after the kingdom signed ⁠a defence pact with Turkey ⁠and Pakistan in response to ​growing regional instability caused by the US-Israel war on Iran.The attack early on Sunday came after Iran issued tough new demands to reopen the strait of Hormuz, and the United Arab Emirates said one of its ships was targeted by an Iranian missile, as a deal to open the strategic waterway remained out of reach. Continue reading...

London mayor points to ‘terrifying scenes’ this summer amid speculation Burnham may back Jackdaw and Rosebank projectsSadiq Khan: This burning summer is the proof: the voices of climate denial aren’t just delusional, they’re deadlySadiq Khan has called on the government to commit to revamped climate action and to reduce the UK’s reliance on oil and gas, as the UK endures a summer of drought, wildfires and heatwaves.Writing in the Guardian, the mayor of London said that Andy Burnham’s administration must reaffirm its commitment to net zero and make clear it will continue to reduce the UK’s reliance on oil and gas “to get Britain back on track.” Continue reading...

• Investors are rushing to commit capital to Leopold Aschenbrenner’s hedge fund, Situational Awareness, despite recent instability. • The surge in interest comes just one week after the fund reportedly faced a near-collapse or significant turmoil. • Aschenbrenner, described as an AI "wunderkind," continues to attract high demand due to his perceived expertise in artificial intelligence.

• Wall Street futures declined ahead of the market open, with the S&P 500 slipping 0.6% and Nasdaq futures dropping 0.9%. • The downturn is primarily driven by weakness in big tech stocks and rising oil prices, which are impacting overall investor sentiment. • Traders are closely monitoring inflation risks and economic signals to determine if the Federal Reserve will adjust interest rates in the coming months.

• The Sensex dropped over 200 points and the Nifty tested the 23,600 level on Friday as Indian stock markets opened lower. • Market volatility was driven by rising oil prices and investor concerns regarding Iran potentially closing the Strait of Hormuz. • Bajaj Finance and Bajaj Finserv led the declines, while IT stocks such as TCS and Tech Mahindra bucked the trend with gains of 1-2%.

Domestic flights cost 26.5% more than last year, data shows, amid demand for travel and reduced oil refining capacityEven if a lasting ceasefire between the US and Iran lowers oil prices, travelers hoping to snag cheaper airfare should buckle their seatbelts and expect continued turbulence.US domestic airfares are 26.5% higher than a year ago, according to June’s consumer price index data, and analysts say prices globally are up 25-30% compared with 2025. Continue reading...

Environmentalists and activists furious as Trump’s policies raise costs for US families. Plus, the undiscovered masterpiece that was left lying in museum storageGood morning. Donald Trump’s statement that oil companies have made “too much money” from the Iran war has angered environmentalists, who say his policies were designed to benefit those very corporations.American families have paid more than $78bn more at the pump since the start of the Iran war, according to a Brown University tracker. And a recent analysis from the environmental advocacy group Climate Power and the Center for American Progress Action Fund, a liberal thinktank, found that Trump’s policies had cost the average American family $285 more when filling up their cars.What policies has Trump enacted to help the oil industry? Since re-entering the White House last year, he has eased dozens of restrictions and regulations on fossil fuel expansion, exempted fossil fuel producers from environmental rules, and signed an executive order last year directing the attorney general to prioritize blocking climate lawsuits targeting oil majors. Trump has also personally invested in major oil companies.What did the supreme court previously rule? In the court’s June decision, the chief justice, John Roberts, said Trump’s first order violated the 14th amendment of the US constitution. “Citizenship, then and now, was the right to have rights – to freely participate in our political community,” he wrote. “The framers of the 14th amendment extended that promise to ‘every free-born person in this land’. We keep that promise today.” Continue reading...

US president’s complaint industry ‘making too much money’ comes after his policies boosted corporationsDonald Trump’s statement that oil companies have made “too much money” from the Iran war has angered environmentalists, who say that his policies were designed to benefit those very corporations. If he really believes his own claims, he should impose a windfall profits tax, advocates say. “Trump’s declaration that big oil is ‘making too much money’ belies his accommodation and giveaways to the industry that have enabled its price-gouging – not to mention his disaster of a war of choice against Iran,” said Tyson Slocum, energy program director at consumer advocacy nonprofit Public Citizen. “But like a broken clock that’s correct twice a day, the president is right that oil companies are ‘making too much money’, which means Trump should endorse a windfall profits tax.”ExxonMobil and Chevron on Friday both reported windfall profits for the second quarter of the year. Chevron said its earnings soared nearly 400% to $12bn, while Exxon’s profits more than doubled to $14.5bn. On Monday evening, Trump took aim at those gains, saying the companies “ought to give some of that back to the public”. Continue reading...

• Asian equities edged higher on Friday, August 7, with South Korea's Kospi and Japan's Topix leading the gains. • Oil prices jumped over 1% due to ongoing uncertainty and a stalemate regarding a lasting settlement in the Strait of Hormuz. • The surge in oil prices has increased Treasury yields and heightened investor concerns regarding potential Federal Reserve interest rate decisions.

• Major US indices, including the Dow, S&P 500, and Nasdaq, declined as investors reacted to a combination of rising oil prices and Treasury yields. • Market pressure is being driven by concerns over AI spending, corporate earnings reports, and recent US labor market data. • The downturn reflects growing trader caution as geopolitical developments in the Middle East clash with signs of economic strength.

Zelenskyy says military managed to hit two refineries in targeted attacks At least six people were killed and 36 injured in another round of Russian overnight attacks on Ukraine, targeting the eastern city of Balakliia and the northern region of Sumy.But the Ukrainian president, Volodymyr Zelenskyy, noted that Ukraine’s military managed to hit two Russian refineries in targeted attacks, hitting “Russia’s oil revenues, which it uses to finance the war and the killing of Ukrainians.” Continue reading...

• The UK Green Party is calling for increased taxes on oil and gas profits to fund wildfire prevention and enhance climate adaptation strategies. • This push comes as the party warns of rising heat and drought risks, while criticizing the Labour government for potentially allowing further North Sea drilling at sites like Rosebank and Jackdaw. • Green Party leader Carla Denyer and spokesperson Polanski are leveraging this issue to pressure the government on climate policy and the cost-of-living crisis.

• Motiva, SK Enmove, and Avista Oil have announced increases in posted base oil prices. • The price hikes are driven by recent spikes in crude oil costs and tight global availability of Group II+ and Group III base oils. • In a strategic shift, SK and Chevron have entered into new supply agreements with HF Sinclair.

• The S&P 500 and Dow Jones Industrial Average have reached new record highs, driven by strong corporate earnings and relief from falling oil prices. • Market gains were further supported by weak ADP employment data, which has reduced immediate concerns regarding aggressive Federal Reserve interest rate hikes. • This rally reflects a growing investor optimism that cooling economic data may lead to a more dovish monetary policy.

• Trading firms and platform providers maintained stability during a recent sell-off in Asian tech and semiconductor stocks, signaling a more sophisticated approach to managing extreme volatility. • Significant losses were incurred by retail investors using leveraged ETFs in South Korea, as well as momentum investors heavily concentrated in AI stocks. • Passive funds tracking semiconductor-heavy indices, specifically Taiwan's technology sector and South Korea's KOSPI, were also negatively impacted by the downturn.

• Wall Street indices climbed in early trading on Wednesday, with the Dow Jones Industrial Average gaining 487 points (0.9%), the S&P 500 rising 0.5%, and the Nasdaq Composite increasing by 0.3%. • This surge extends a record-setting momentum from Tuesday, when both the S&P 500 and the Dow closed at all-time highs. • The rally is driven by robust financial performance from companies as the latest earnings season nears its conclusion, providing a strong start to August.

• Asian stock markets surged on Wednesday, with the MSCI Asia-Pacific index (excluding Japan) rising 2.3% and Chinese blue chips gaining 1.5%. • The rally was driven by strong corporate earnings and a renewed appetite for technology stocks, mirroring record highs on Wall Street and boosting Japan's Nikkei by 3.5%. • South Korea's market experienced significant volatility with a 4.3% increase, while oil prices and bond yields declined amid hopes for progress regarding the Strait of Hormuz.

• Democratic voters are expressing significant frustration with the party establishment, claiming it has not fought aggressively enough to defeat Donald Trump. • Senator Bernie Sanders emerged as a prominent defender of President Joe Biden, describing him in a July 13 New York Times op-ed as the "strongest candidate" to beat Trump. • Sanders highlighted Biden's record on infrastructure, climate change, and student debt relief as evidence that he is the most effective president in modern history.

• President Trump warned that Iran will be "hit very hard" if the Strait of Hormuz is not reopened soon to allow oil shipments to resume. • US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent reported that talks are currently progressing to resolve the blockade. • The situation is critical as the US has reportedly exhausted nearly all of its global stockpile of long-range precision missiles due to the ongoing conflict.

• Asian stock markets surged on Wednesday, led by Japan’s Nikkei, which climbed 3.0%, and South Korea, which added 4.1%. • The rally was driven by strong corporate earnings and a renewed appetite for technology stocks following record highs on Wall Street. • Oil prices and bond yields declined amid hopes for progress regarding the reopening of the Strait of Hormuz.

• Global stocks reached record highs following upbeat annual revenue growth forecasts from key companies, including Palantir Technologies and Caterpillar. • Caterpillar's growth is being driven by the expansion of AI data centers, signaling strength in the global industrial economy. • Market analysts, such as Oliver Pursche of Wealthspire Advisors, attribute the surge to stronger corporate earnings and improved future expectations.

• U.S. stocks rallied toward all-time highs on Monday as falling oil prices reduced investor concerns regarding persistent inflation. • The surge is supported by strong corporate performance, with S&P 500 companies projected to deliver earnings per share 47% higher than the previous year. • This growth represents the strongest spring earnings increase since 2021, when the global economy began recovering from the COVID-19 pandemic.