Crude futures settle at $79.60 after Iran signals readiness for talks while maintaining military preparedness amid Fed inflation concerns.
Crude oil futures closed at $79.60, up $0.26 or 0.33%, as geopolitical tensions in the Middle East offset softer U.S. inflation data. Iran’s mixed signals—willingness to negotiate but readiness for conflict—kept supply risks in focus, while the White House considers extending Jones Act waivers to curb price pressures.
The Fed’s Beige Book noted continued growth but lingering uncertainty, with officials like Cook and Williams emphasizing patience on rate cuts. U.S. PPI came in below expectations at 5.5%, reinforcing disinflation trends, while Empire Manufacturing surged to 15.6 in July, beating estimates.
The U.S. dollar remained under pressure, and Treasury yields edged higher after a brief CPI-driven reprieve. The Bank of Canada held rates at 2.25%, matching forecasts, as Q2 economic data pointed to expansion.