U.S. futures rebounded on divergent Microsoft and Meta results, while South Korea’s Kospi extended a two-day AI-driven selloff and Treasury yields reflected a divided Federal Reserve.
The U.S.-Saudi consortium is selecting among three GCC locations for a 200,000-barrel-a-day refinery with a deepwater port, storage and export facilities positioned outside the strait.
Taipei suspended 500,000 tonnes of semiannual spot purchases after Papua New Guinea ordered its representative office closed, while 1.2 million tonnes of annual contracted supply continue through 2030.
U.S. equities ended a divided session as Brent retreated below $100, technology shares weakened and investors weighed a tariff-driven inflation shock against the prospect of higher interest rates.
U.S. investment-grade bond funds lost $7.1 billion in the week to July 22 as higher oil prices, Treasury yields and credit spreads punished long-duration fixed-rate debt.
Oil prices surged past $90 per barrel after Yemen's Houthi rebels declared a maritime blockade on Saudi vessels, threatening Red Sea exports. Brent crude rose 1.8% to $90.85, while WTI gained 1.8% to $83.97. Saudi Arabia has increased Yanbu exports to 4 million b/d, with 2.5 million b/d at risk from Houthi action.
Adnoc has taken a $6.2 billion final investment decision to develop the Umm Shaif gas cap, unlocking over 600 million scfd of natural gas and associated liquids. The project, with partners TotalEnergies, Eni and CNPC, includes $5.1 billion in EPC contracts and a 14-well drilling programme, with production expected by 2030.
Australian business conditions held steady at +3 in June for a third consecutive month, while confidence jumped to -5 from -14 in May, according to NAB survey. Easing cost pressures from a U.S.-Iran peace deal drove the improvement, though renewed Gulf hostilities have since pushed oil prices higher again.
