Hormuz reopening talks advance as strait stays closed EU ministers back Spain's Ceuta response as death toll rises Ebola deaths in DR Congo pass 1,600 as WHO calls response overstretched Hegseth denies munitions shortage after reports of depleted US missile stocks Mediators rebuke Israel after one of Gaza's deadliest days since the truce Ukrainian drones kill five near Moscow as Wildberries warehouses burn US says yen intervention aimed at containing Asian currency risks White House AI security review to exempt open-weight models UN warns of surging Afghan hunger as food aid funding falls short Houthis strike Saudi airport as Indian ship sinks off Yemen Russian strikes kill four in Sumy and Mykolaiv Italy suspends free movement from Spain as EU ministers back Madrid Record low rivers force more reactors offline across Europe North Korea vows military response after Japan's defence white paper Anthropic model sent phishing emails on its own in safety test US AI figures call Chinese open-weight models safer as price gap widens Jordan questions US security alliance as Iranian attacks increase Netanyahu rules out Gaza withdrawal until Hamas disarms Stocks hit record as US signals Hormuz deal is close Oil majors post windfall profits as Iran war lifts prices US drafts ban on Chinese datacentre components Taiwan opens war games with first blockade scenario China's weather agency forecasts Super El Nino Anthropic signs $10bn computing deal with cloud startup Officials suspect Iran behind attacks on US water utilities Russian envoy rules out evacuation after Cuban blackouts Man arrested over largest Spokane wildfire Russian insurers drop war cover after Black Sea ship attacks Floods and landslides kill at least 21 in India and Sri Lanka SpaceX revenue jumps 92% in first results since listing Gaza families bury 112 recovered from 2023 strike rubble Lebanon and Israel resume direct talks in Rome 25 states sue Trump administration over new tariffs Slowing growth weighs on Beijing's strong-yuan ambitions EU seeks to drop Palantir as NATO confirms its use Finland licenses world's first deep store for spent nuclear fuel Kashmir protests challenge Islamabad's authority US revokes visa of Brazil's ambassador in Washington Commission holds to permanent ban on Russian oil Fed chair Warsh pressed over mixed inflation signals House panel says data centres exposed US carriers to China hack Thousands of sailors stranded as blockade grips Strait of Hormuz Syria's Al Shara meets Kurdish commander Abdi Russia claims capture of Kharkiv region village Ukraine's farm sector faces $3bn hit from port closures Pilots' strike halts Argentina's grain exports 'Terror-free Türkiye' bill circulates in parliament Judge sets March trial for Paramount-Warner deal World Bank sees narrow AI window for poorer economies Russia expands shadow fleet of LNG tankers before supply ban Hormuz reopening talks advance as strait stays closed EU ministers back Spain's Ceuta response as death toll rises Ebola deaths in DR Congo pass 1,600 as WHO calls response overstretched Hegseth denies munitions shortage after reports of depleted US missile stocks Mediators rebuke Israel after one of Gaza's deadliest days since the truce Ukrainian drones kill five near Moscow as Wildberries warehouses burn US says yen intervention aimed at containing Asian currency risks White House AI security review to exempt open-weight models UN warns of surging Afghan hunger as food aid funding falls short Houthis strike Saudi airport as Indian ship sinks off Yemen Russian strikes kill four in Sumy and Mykolaiv Italy suspends free movement from Spain as EU ministers back Madrid Record low rivers force more reactors offline across Europe North Korea vows military response after Japan's defence white paper Anthropic model sent phishing emails on its own in safety test US AI figures call Chinese open-weight models safer as price gap widens Jordan questions US security alliance as Iranian attacks increase Netanyahu rules out Gaza withdrawal until Hamas disarms Stocks hit record as US signals Hormuz deal is close Oil majors post windfall profits as Iran war lifts prices US drafts ban on Chinese datacentre components Taiwan opens war games with first blockade scenario China's weather agency forecasts Super El Nino Anthropic signs $10bn computing deal with cloud startup Officials suspect Iran behind attacks on US water utilities Russian envoy rules out evacuation after Cuban blackouts Man arrested over largest Spokane wildfire Russian insurers drop war cover after Black Sea ship attacks Floods and landslides kill at least 21 in India and Sri Lanka SpaceX revenue jumps 92% in first results since listing Gaza families bury 112 recovered from 2023 strike rubble Lebanon and Israel resume direct talks in Rome 25 states sue Trump administration over new tariffs Slowing growth weighs on Beijing's strong-yuan ambitions EU seeks to drop Palantir as NATO confirms its use Finland licenses world's first deep store for spent nuclear fuel Kashmir protests challenge Islamabad's authority US revokes visa of Brazil's ambassador in Washington Commission holds to permanent ban on Russian oil Fed chair Warsh pressed over mixed inflation signals House panel says data centres exposed US carriers to China hack Thousands of sailors stranded as blockade grips Strait of Hormuz Syria's Al Shara meets Kurdish commander Abdi Russia claims capture of Kharkiv region village Ukraine's farm sector faces $3bn hit from port closures Pilots' strike halts Argentina's grain exports 'Terror-free Türkiye' bill circulates in parliament Judge sets March trial for Paramount-Warner deal World Bank sees narrow AI window for poorer economies Russia expands shadow fleet of LNG tankers before supply ban

Symbolic image: Stocks hit record as US signals Hormuz deal is close

Symbolic image

Stocks hit record as US signals Hormuz deal is close

6 sources

Wall Street closed at record highs on Tuesday after US Treasury Secretary Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could be close. Brent crude fell below $80 for the first time in nearly a month.

What happened

Bessent told CNBC there was a chance of a deal "today or tomorrow" to open the strait.
The S&P 500 closed at 7,736.52, the Dow at 54,085.88, the Nasdaq up 2.6% to 26,584.99.
Breitbart put the Dow gain above 1,000 points (1.87%), the Guardian at 907 points (1.7%).
Brent fell about 5% to near $79.40; West Texas Intermediate dropped to roughly $76.
The 10-year Treasury yield fell to 4.62% from 4.70%, still above 3.97% before the war.

The view from outside

The Guardian ties the rally mainly to earnings: Palantir rose 29.5%, Caterpillar 5.6%, and S&P 500 firms are on track for nearly 50% earnings-per-share growth. The National (UAE) adds that Saudi Aramco is studying new export routes as Houthi attacks squeeze Red Sea shipping.

What could happen next

No deal announced by Wednesday; The Hindu reported Bessent saw a chance of an agreement by 5 August.
US Secretary of State Marco Rubio said talks with Iran and Oman had progressed, without a final agreement.
OPEC+ agreed on Sunday to raise crude output for a sixth straight month in September.
A strategist told The National that $100 oil cannot be ruled out; investors have not priced out escalation.

How the camps see it

United States: Washington says it is negotiating directly with Tehran and that an agreement to open the strait may be imminent, while Trump has called Iran duplicitous.
Iran: Tehran denies talks with Washington and says its only active discussions are with Oman on reopening the Strait of Hormuz.

Also involved

OmanGulf exporters