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Brent extended gains to rise more than 7% to above $90 a barrel on Wednesday, snapping a three-day losing streak, as hostilities in the Middle East increased. US President Trump said the US will hit Iran hard in retaliation for an attempted surprise attack on American forces. This comes after the US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day. Also, there were reports that Yemen's Houthi militants were considering charging fees for vessels transiting the Red Sea, adding to concerns over shipping costs and energy flows. Iran has also sought to impose similar charges on the Strait of Hormuz. In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.

Brent Above $90

Crude oil extended gains to rise more than 7% to around $85 a barrel on Wednesday, snapping a three-day losing streak, as hostilities in the Middle East increased. US President Trump said the US will hit Iran hard in retaliation for an attempted surprise attack on American forces. This comes after the US military said it had successfully intercepted what it described as a surprise Iranian attack targeting US troops stationed across the Middle East. Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day. Also, there were reports that Yemen's Houthi militants were considering charging fees for vessels transiting the Red Sea, adding to concerns over shipping costs and energy flows. Iran has also sought to impose similar charges on the Strait of Hormuz. In the US, API data showed crude oil inventories fell by 3.3 million barrels last week, pointing to continued tightness in global oil supplies.

Crude Oil Jumps 7% to Around $85

The Canadian dollar strengthened to around 1.40 per USD from the two-week high of 1.42 on July 27th after the Federal Reserve held rates unchanged. The decision weakened the greenback as around one third of the market was positioned for a hike. Earlier this month, the BoC held its policy rate at 2.25% for a sixth straight meeting. The bank noted that the economy was adjusting to recent shocks and that energy-driven inflation pressures were easing, although some policymakers questioned the durability of the recovery and warned about rising inflation expectations. However, the decision preceded US President Trump’s threat of additional tariffs on Canadian imports and the latest escalation in US-Iran tensions.

Canadian Dollar Strengthens After Fed Hold

US stocks fell on a choppy Wednesday as markets assessed the Federal Reserve’s policy outlook ahead of major tech earnings. The S&P 500 and the Nasdaq 100 fell 0.7%, while the Dow lost 900 points. Microsoft and Meta were muted ahead of their earnings reports after the bell, the latest signal for AI infrastructure spending. Concerns that AI capital expenditure is being overdone recently pressured Magnificent 7 stocks and triggered a selloff for chip producers that trimmed their surge late last quarter. Micron, Applied Materials, and Sandisk sank between 4% and 8% amid the pessimistic results by SK Hynix. Meanwhile, the Fed held rates unchanged in the least certain meeting in the last 15 years, featuring three dissents for a hike. The Dow was pressured by a flare-up in oil prices following fresh strikes between Iran and the US, adding to pro-inflationary risks. Visa rebounded and gained 1% after posting growth in revenue last quarter.

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