07/08/2026 Daily Reports
- The Price Action: Brent Oil Futures (October) jumped 1.4% to $83.65/bbl, while WTI climbed 1.3% to $78.26/bbl. This marks a sharp reversal from earlier in the week, though both benchmarks are still fighting off steep weekly losses.
- The Hormuz Blockade: Iran is drafting legislation to explicitly ban U.S. and Israeli-linked ships from transiting the Strait of Hormuz, threatening violators with penalties equal to 20% of their cargo’s value.
- Rising Hostilities: Iran’s Revolutionary Guard (IRGC) reported striking “hostile targets” in the strait, shattering earlier hopes that an Iran-Oman deal would fully restore safe shipping lanes.
- Why It Matters: The Strait of Hormuz is the world’s most critical energy chokepoint, handling roughly a fifth of global oil and LNG shipments. You simply cannot restrict traffic here without spooking the global market.
- Adding Fuel to the Fire: Broader conflicts are exacerbating supply fears. Houthi attacks on Saudi infrastructure are threatening Red Sea routes, while a Ukrainian drone strike recently set a major Russian refinery ablaze.
- The Macro Tug-of-War: While supply fears drive prices up, traders are keeping a close eye on the U.S. nonfarm payrolls report. Persistent high interest rates from the Fed could slow the economy and weigh down fuel demand, creating a fierce battle between supply shocks and demand destruction.
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Global markets are focused on today’s U.S. nonfarm payrolls report, which is expected to provide key clues about the Federal Reserve’s next interest-rate decision. Oil prices continue to rise as renewed Middle East tensions increase concerns over global energy supply. Higher crude prices are supporting Treasury yields and keeping inflation expectations elevated. U.S. equities ended lower as rising bond yields and higher energy prices weighed on investor sentiment. Markets are now awaiting economic data and further signals from the Federal Reserve.
- Nasdaq. The US Bureau of Labor Statistics reported on Friday that the economy shed 23,000 jobs in July, while the unemployment rate held at 4.1%; economists had forecast payroll growth of 85,000. Nasdaq futures had traded higher ahead of the 8:30 a.m. ET release, following Thursday’s lower close as investors weighed corporate earnings and Middle East developments. The Nasdaq 100 fell 0.4% on Thursday, with the S&P 500 down 0.2% for a second consecutive decline. Doximity rose 81% after beating first-quarter revenue expectations and raising its full-year outlook.
- DAX. The DAX 40 closed marginally higher at 26,165 on Thursday, remaining near recent record levels as traders monitored earnings and Middle East developments. Deutsche Telekom gained 6.1% after upbeat results and an announcement that it had increased its 2026 share buyback programme by €3 billion, to a total of up to €5 billion. European equities touched fresh record highs on Thursday on strong corporate earnings across media and other sectors, while Aumovio rose 2.7% after reiterating its full-year guidance and Aurubis extended losses.
- Nikkei. Japan’s Nikkei 225 ended Friday 0.12% lower at 65,606.71 after falling as much as 1.57% intraday, while the Topix rose 0.47% to 4,074.93; for the week the Nikkei gained 1.9%. SoftBank Group fell 2.51% despite beating first-quarter earnings expectations, Advantest lost 2.25%, Tokyo Electron 1.5% and Kioxia 2%. Fujikura surged 12.82% after raising its annual net profit forecast during trading hours, and Nintendo rose 5.26% after reporting a 150.5% jump in April–June operating profit.
- Brent crude. Brent traded at $81,51 a barrel on 7 August, down 0.41% on the day and 5.30% higher over the past month. Prices extended gains on reports that Iran struck “hostile targets” in the Strait of Hormuz following explosions near Qeshm Island, with Brent settling around $82. US commercial crude inventories rose 2.5 million barrels in the week ended 31 July.
