Oil Prices Steady Amid Uncertainty Over Iran Conflict
The global energy market remains uncertain as tensions between the US and Iran continue to affect oil prices. Despite hopes for a resolution, Brent crude has only risen by 0.1% to $79.50 per barrel. The Strait of Hormuz, a critical shipping route, has been a point of contention in the conflict.
Markets are bracing for the impact of the upcoming US jobs report on August 7, which could have significant effects on investors. Strong corporate profits and expectations of growth have generally driven U.S. stocks higher, but Asian benchmarks have taken a hit due to selling of chipmakers and AI-related companies.
The Walt Disney Company saw a 3.6% increase after beating profit forecasts, while Elon Musk's SpaceX fell by 13.6% following its quarterly report. Inflation concerns continue to affect the Federal Reserve, with the central bank keeping its benchmark rate steady.