Oil prices hit 3-week high after Iran announces offensive

GeopoliticsMacroCommodity Impact 4
โดย สำนักข่าวอีไฟแนนซ์ไทย·USIR·Read original
Summary · why it matters

West Texas Intermediate crude for September delivery closed at 84.94 dollars a barrel, up 44 cents, or 0.52 percent. North Sea Brent crude for October delivery closed at 91.02 dollars a barrel, up 15 cents, or 0.17 percent. Global oil prices closed at their highest level in more than three weeks after Iran announced a shift in military posture from defensive to offensive, and the Strait of Hormuz remained closed to traffic. Meanwhile, the United States rejected an extension of the ceasefire agreement. US single-family housing starts fell 9.9 percent month-on-month in July to an annual rate of 808,000 units, the lowest since November 2022, and dropped 15.7 percent compared with the same month a year earlier, reflecting pressure from high mortgage rates and economic uncertainty from the Iran war. The yield on the 30-year US Treasury bond rose to its highest level since 2007, while the yield on China's 30-year government bond continued to decline to its lowest level since late November. As a result, the spread between 30-year and 10-year bonds narrowed to around 50 basis points, near its tightest level since February. Bond market investors adjusted hedging strategies for the possibility that the Federal Reserve could shift toward rate cuts in 2027 after data showed inflation and consumer demand slowed in July. President Donald Trump confirmed there are no negotiations with Iran, while the United Arab Emirates said it would suspend trade, commercial exchanges, and financial transactions with Iran until further notice. Mohammad Bagher Ghalibaf, head of Iran's negotiating team, told members of parliament that Iran will not reopen the Strait of Hormuz until the United States lifts the port blockade, unfreezes seized assets, cancels oil sanctions, and ends all military operations. The United States and Canada are accelerating negotiations to reach a tariff truce before the deadline of 12:01 a.m. Wednesday local time. If no agreement is reached, President Trump has threatened to impose a 50 percent tariff on 20 billion dollars' worth of imports from Canada. Canadian Prime Minister Mark Carney and Trump have spoken by phone twice in the past two days, including another discussion on Tuesday afternoon. The growth of the semiconductor industry in Southeast Asia is reshaping the region's economic development path, with Vietnam and the Philippines moving into the upper-middle-income group in the World Bank's latest country classification updated in July. Meta, the parent company of Instagram and Facebook, entered a major trial over platform harms to young people at a federal court in California on Tuesday, with four US states seeking billions of dollars in damages and demanding changes to the platform's operations. Anthropic PBC's revolving credit facility is on track to exceed its target of around 10 billion dollars as the company prepares for an initial public offering amid investor attention. TikTok is developing a feature that allows users to send money to each other through private messages, using TikTok Pay to process transactions. TikTok Pay is currently available only in Vietnam, Malaysia, and Thailand, and is used to pay for goods purchased through TikTok Shop. Apple announced a restructuring of commission fees for apps in the European Union, setting different rates based on payment channels and app distribution to comply with Europe's Digital Markets Act. Under the new rules, apps sold through the App Store and using Apple's payment system will be charged a 26 percent commission on digital goods and services, while apps using their own payment system will pay 20 percent, and those directing users to purchase through a website will pay 15 percent. Apps distributed through third-party app stores or websites will pay a 5 percent fee, which Apple calls the Core Technology Commission.

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