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US gasoline futures traded around $3.10 per gallon, remaining near a two-week high as markets assessed the prospects of a potential deal over the Strait of Hormuz. Following President Trumps statement that the US had "total control" over the strategic waterway, Tehran stated the Strait of Hormuz was "under Iran's control and management", adding to uncertainty over the situation. Meanwhile, EIA data showed US crude inventories recorded their largest weekly increase since early 2023. However, gasoline stocks fell by 1 million barrels in the week ended August 7th, below expectations, leaving inventories 6% below the five-year seasonal average. Elsewhere, intensifying Russia-Ukraine attacks heightened concerns over prolonged energy disruptions, after Ukraine targeted major Russian refineries. Russia’s overseas crude shipments fell to their lowest since May, while Moscow extended its gasoline export ban through January 2027.

Gasoline Holds at 2-Week High

The Czech Republic’s current account deficit widened to CZK 80.5 billion in June 2026 from CZK 64.2 billion in the corresponding month a year earlier, far exceeding market expectations of CZK 46.8 billion. This marked the largest deficit since August 2022, as the primary income deficit widened to CZK 125.7 billion from CZK 113.2 billion, while the secondary income deficit rose sharply to CZK 1.7 billion from CZK 0.3 billion. Meanwhile, the goods surplus narrowed to CZK 34.8 billion from CZK 41.5 billion. Conversely, the services surplus increased to CZK 10.8 billion from CZK 9.3 billion.

Czechia Current Account Deficit Largest Since 2022

US producer prices likely increased by 0.2% month-over-month in July 2026, following a 0.3% fall in June. Core producer prices, which exclude the more volatile food and energy components, are forecast to rise by 0.3% in July, accelerating from the 0.2% increase recorded in June. On an annual basis, headline producer inflation is projected to slow to 4.9%, down from 5.5% in June and marking its highest level in four months. Meanwhile, annual core producer inflation is expected to decrease to 4.2% from 4.7%, also reaching its lowest reading since March.

US Producer Prices Seen Rising 0.2%

Consumer prices in Palestine fell 43.19% year-on-year in July 2026, deepening from a 40.04% decline in June and marking another sharp drop in consumer prices. The continued year-on-year decline largely reflects the normalization of prices in Gaza following the exceptionally high price levels recorded previously. Prices in the Gaza Strip plunged 66.27%, while prices increased 1.90% in Jerusalem J1 and 1.67% in the West Bank. On a monthly basis, the CPI fell 1.68% in July, compared with a 1.6% decline in June. The monthly drop was driven by lower prices for eggs (-8.20%), fresh vegetables (-5.19%), petrol (-4.11%), diesel (-3.12%), fresh fruit (-2.41%), gas (-2.10%), fresh chicken (-1.61%), and vegetable oils (-1.40%).

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