Finance

Global oil prices fell significantly after President Donald Trump announced the cancellation of a planned military strike on Iran in favor of pursuing a negotiated settlement. Brent crude plunged over 7% toward the $81 mark, reversing some of the sharp upward pressure built during July when escalating Middle East conflict and shipping bottlenecks in the Strait of Hormuz drove substantial gains.

ExxonMobil and Chevron reported massive windfalls for the second quarter of 2026, benefiting significantly from elevated oil prices driven by international disruptions. ExxonMobil's quarterly profit more than doubled to $14.5 billion, while Chevron posted an all-time record net income of $12.1 billion, sparking intense political debate regarding potential windfall taxes.

In a rare joint monetary action, the U.S. Treasury Department and Japanese financial officials collaborated to stabilize the yen after it weakened to levels not seen since the early 1980s. The joint effort aims to combat excessive volatility resulting from aggressive government spending and heightened energy import costs weighing heavily on the Japanese economy.