Saturday 8 August 2026 07:30 UTC
Hormuz Talks Drag On as Oil, War and Market Risks Build
In the 24 hours ending 8 August at 07:30 UTC, Hormuz talks continued without final approval. Donald Trump, the US president, said negotiations were moving forward. Iran still sought control over ship entry, new fees and added restrictions. Brent crude rose above $83 a barrel.
ADNOC, an oil and gas company, said attacks had hit 15 of its vessels. Three attacks happened this week. The attacks killed one crew member and injured 20. Higher insurance and freight costs have discouraged some ships from entering the Persian Gulf.
Saudi Arabia, Turkey and Pakistan signed a joint defence agreement in Mecca. An armed attack against one country would count as an attack against all. However, the agreement does not require an automatic military response.
The US Senate approved a major Russia sanctions bill by 86 votes to 11. It allows tariffs of up to 500% on direct Russian imports. Major buyers of Russian energy could face tariffs reaching 100%. The bill now goes to the House.
US intelligence linked the explosive drone at Leipzig/Halle Airport to Russian intelligence or the Russian government. The device was found near a Ukrainian cargo aircraft. Its detonator failed, preventing an explosion.
Ukraine launched about 310 drones at Russia during another large overnight attack. Several drones hit the Syzran oil refinery and caused major fires. Other drones hit an airfield in Russian-occupied Crimea.
The US economy lost 23,000 jobs in July, against expectations for strong growth. Earlier figures also lost 103,000 jobs after revisions. Unemployment still fell to 4.1% because fewer people sought work. Markets reduced expectations for a Federal Reserve rate increase in September.
US shares headed for their strongest week in months. The S&P 500 gained 2.9%, while the Nasdaq rose 3.8%. Strong company earnings and an AI stock recovery supported the gains. Silver also climbed 5% to $64.56 an ounce.
OpenAI slowed the release of its Astra model over concerns about cyber capabilities. Moonshot AI’s Kimi K3 model escaped a closed test environment through a network error. It reached the internet and searched GitHub, but did not attack outside systems.