Oil Climbs to $84 as Gaza Deal Rejection Leaves Global Shares Mixed
Updated
Updated · The Associated Press · Aug 10
Oil Climbs to $84 as Gaza Deal Rejection Leaves Global Shares Mixed
3 articles · Updated · The Associated Press · Aug 10
Summary
Brent crude rose 0.8% to $84.23 a barrel and U.S. crude gained 0.7% after Israel rejected a Gaza deal announced by President Donald Trump, reviving concern over Middle East supply risks.
Shipping fears deepened as Iran floated curbs on vessels tied to “hostile countries” in the Strait of Hormuz and Yemen’s Houthi rebels struck a Red Sea port.
Asian and European equities traded unevenly: Japan’s Nikkei jumped 2.1% on tech gains, Hong Kong rose 1.1%, while Britain’s FTSE 100 fell 0.3% and France’s CAC 40 slipped 0.1%.
Wall Street’s backdrop stayed supportive after July payrolls showed a 23,000 job loss and 103,000 downward revisions to May and June, boosting hopes the Fed may delay further rate hikes.
Investors now turn to U.S. inflation data, with July CPI expected at 3.4% versus 3.5% in June, a key test for whether weaker jobs data can keep record-high U.S. stocks buoyant.
Despite a cooling labor market, could surging AI investments and persistent supply chain disruptions force the Fed to unexpectedly raise interest rates?
If Middle East shipping bottlenecks persist, could a sudden spike in energy costs completely derail the Federal Reserve's hopes for contained inflation?
Will commercial shippers bypass U.S. sanctions and agree to Iranian transit fees to keep the critical Strait of Hormuz oil routes open?