08/07/2026 Daily Reports
Commodities Update: Middle East Tensions, Oil Spikes & The Gold Rush!
- Persian Gulf Re-escalation: Oil prices are surging! ICE Brent spiked over 3% yesterday and added another 2.8% this morning, pushing past $76/bbl. This follows Iranian attacks on vessels in the Strait of Hormuz, prompting firm US military retaliation.
- Sanctions Are Back: The US has officially revoked its temporary sanction waiver for Iranian oil sales. While the physical supply impact might take time, the sentiment shift is massive, signaling a potential breakdown in US-Iran diplomacy.
- Tightening Inventories & Drone Strikes: US refined product stocks took a hit, with gasoline and distillates falling by 2.9m and 1.8m barrels, respectively. Meanwhile, intensified Ukrainian drone strikes on Russian refineries are severely dragging down diesel exports, further tightening the global market.
- European Gas Jitters: European gas prices (TTF) leapt over 4%, crossing EUR48/MWh. With storage levels at a concerning 51% (well below the 66% 5-year average) and LNG flowing towards Asia, Europe faces a serious supply squeeze heading toward the heating season.
China’s Relentless Gold Buying: Gold is stabilizing above the historic $4,000/oz mark, supported by safe-haven demand and shifting US rate expectations. Crucially, China’s central bank (PBOC) increased its gold reserves for a staggering 20th consecutive month, highlighting a massive reserve diversification trend.
- Aluminium Rebounds: Despite softening speculative sentiment, aluminium prices are bouncing back from a four-month low. Chinese buying interest is strong, and spot inventories there have dropped for 12 straight sessions, keeping the market in a structural deficit.
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Global Market News: Major Asset Developments on July 8, 2026
- The Nasdaq 100 traded near 29,236 following a sharp technology sector sell-off. The benchmark recorded a 1.8 percent decline driven by a rout in semiconductor equities. This drop was triggered by Samsung’s earnings missing expectations and reports that DeepSeek is developing its own AI chip. Separately, BIO-key trading resumed after the firm regained compliance with listing standards.
- Germany’s DAX index fell by 1.37 percent to close at 25,465.25, halting a five-day rally that previously pushed the benchmark to record highs. The decline was heavily concentrated in technology and industrial sectors as European chipmakers faced selling pressure. Losses were led by Siemens Energy, plunging 8.88 percent, Infineon, declining 8.31 percent, and Siemens, losing 4.57 percent.
- Japan’s Nikkei 225 index faced downward pressure, trading near the 67,795 level to mark a 0.68 percent drop from the previous close. The decline in the Japanese benchmark mirrored global market movements as regional investors tracked the international sell-off in technology and semiconductor shares. Despite this daily loss, the index remains up over 70 percent compared to last year.
- Brent crude futures surged over 3 percent, pushing prices to an intraday high of $76.60 per barrel. The increase followed severe military escalations, with the United States launching airstrikes on targets across Iran after Tehran allegedly attacked commercial vessels in the Strait of Hormuz. The US also reinstated strict sanctions on Iranian oil exports, heightening global supply concerns.
