Iran turned down Oman's proposal for joint management of the Strait of Hormuz, and oil prices climbed 5% on 29 July 2026. WTI crude reached $83.20 and Brent $88.40, with Houthi threats along the Red Sea adding support. Equity markets stayed nervy, and attention now turns to the Fed.
Iran, as expected, rejected Oman's proposal on joint management of the Strait of Hormuz, and that sent crude oil prices higher during the European morning session on 29 July 2026. WTI crude rose 5% to $83.20.
Brent crude also gained 5%, reaching $88.40, moving in step with the US benchmark. Threats by the Houthis along the Red Sea helped lift prices as well.
It was a nervy session across equities. Asian stocks suffered another torrid day after the previous day's selling, and the KOSPI dropped by roughly 13% at one point before late buying helped South Korea's benchmark index halve that decline and close just 6% lower.
That rebound carried into European trading. European stocks pared some early losses while US futures also recovered from a struggling mood earlier in the day, with S&P 500 futures up 0.2% and Nasdaq futures up 0.3%.
Currency markets moved less. The US dollar was not doing all too much, with major currencies mostly keeping little changed, though CAD and JPY led while AUD lagged on the day. The Australian dollar was the laggard after softer CPI data earlier, which more or less takes August off the table for the next RBA rate hike, and AUD/USD fell 0.4% to 0.6940 levels.
Elsewhere, gold was marginally higher by 0.1% to $4,030. Bitcoin was up 1.0% to $64,487.
Attention now shifts to the Fed, ahead of Microsoft and Meta earnings after the close. Ten-year Treasury yields moved back up by 2.6 bps to 4.63%.
Source: InvestingLive
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