Oil prices hold steady as Iran war uncertainty lingers

Global oil prices remained largely unmoved on August 6, 2026, as markets grappled with uncertainty over the ongoing U.S. conflict with Iran. Brent crude, the international benchmark, inched up less than 0.1% to $79.50 per barrel, while U.S. benchmark crude held nearly flat at $75.21 per barrel. The conflict, now in its fifth month, has repeatedly disrupted global oil supply chains, sending prices as high as $102 per barrel at their peak and exacerbating already elevated inflation. Gasoline prices have surged in tandem, with the national average in the U.S. approaching record levels for late summer—reportedly $4.066 per gallon on August 5, 2026, just shy of the 2022 peak of $4.069 per gallon. U.S. President Donald Trump suggested a deal to reopen the Strait of Hormuz—a critical chokepoint for oil shipments—was imminent, but repeated delays have kept energy markets on edge. Investors are now bracing for Friday’s U.S. jobs report for July, which could further influence market sentiment. Analysts warn that the conflict’s unpredictable trajectory continues to cast a shadow over energy markets despite tentative signs of stabilization. In equities, global markets were mixed, with European benchmarks showing modest gains while Asian indices faced pressure. South Korea’s Kospi led declines, dropping 4.6% to 6,296.38, as chipmakers SK Hynix and Samsung Electronics slumped 10.4% and 6.3%, respectively, amid profit-taking and risk aversion ahead of the jobs data. Japan’s Nikkei 225 fell 0.9% to 65,683.26, while Hong Kong’s Hang Seng declined 1.5% to 25,530.28. In contrast, Germany’s DAX rose 0.3% to 26,194.59, France’s CAC 40 gained 0.7% to 8,726.92, and Britain’s FTSE 100 added 0.3% to 10,923.34. U.S. stocks showed resilience, with the S&P 500 and Dow Jones Industrial Average up 0.1% and 0.3%, respectively, though the Nasdaq composite slipped 0.8%. Corporate earnings momentum has supported equities, with three-quarters of S&P 500 companies reporting strong profits and Wall Street projecting a 50% year-over-year increase in earnings once all results are in. Notable movers included Walt Disney Co., which jumped 3.6% after beating profit forecasts, and SpaceX, which tumbled 13.6% following its first quarterly report as a public company, citing a sharp rise in AI-related spending. The Federal Reserve’s monetary policy remains a key focus, with the central bank maintaining its benchmark interest rate as it assesses inflationary pressures. Currency markets saw the dollar strengthen to 157.85 Japanese yen from 157.77 yen, while the euro weakened to $1.1545 from $1.1555.