OIL JUMPS AS SAUDI CANCELS EUROPEAN CARGOES

Oil prices surged after Saudi Arabia reportedly cancelled September crude cargoes to some European refiners following damage to its East-West pipeline.

Additional supply pressure comes from Libyan oil-field outages and maintenance in Kazakhstan.

Brent jumped 1.6% to $107.39, while WTI surged 2.1% to $103.51.

Market angle: tightening physical supply is overpowering diplomatic optimism.
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*LIBYA NOC: OUTPUT HALTED AT HAMADA, AL-TAHARA FIELDS

*LIBYA FIELDS SHUTDOWN DUE TO PIPELINE CLOSURE: NOC
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BESSENT, ASKED ABOUT RISING BOND YIELDS ON TUESDAY, SAID THIS IS DUE TO “GLOBAL ISSUES”
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BRENT, US CRUDE FUTURES RISE AFTER LIBYA'S NOC SAYS IT MAY DECLARE FORCE MAJEURE AFTER PROTESTS SUSPEND PRODUCTION AT OIL FIELDS, BRENT LAST UP 1.7%, WTI UP 2.1%
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*BESSENT, ASKED ON 10-YR YIELDS, BLAMES OIL PRICE RISE
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*BESSENT: 'WE HAVE SET THE TABLE FOR A ROBUST ECONOMY'
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BESSENT: WE ARE NOW ENDING IRAN THREAT, NOT 'MANAGING' IT
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U.S. POVERTY FALLS AS INCOMES HIT RECORD HIGH

The U.S. poverty rate fell to 10.2% in 2025, while median household income jumped 6% to a record $87,460.

A notable improvement in the household economic picture.
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BESSENT SAYS WE HAVE SEEN SOME FORWARD FACING STATEMENTS FROM UNITED ARAB EMIRATES TO CUT OFF IRAN FINANCES
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BESSENT: WE HAVE HAD GOOD PRIVATE DISCUSSIONS WITH CHINA ON IRANIAN FINANCIAL LINKS
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*BESSENT: WILL BE MEETING WITH HE LIFENG THIS WEEKEND

*BESSENT: HAVE HAD GOOD, PRIVATE, TALKS WITH CHINA ON IRAN

*BESSENT: TALKS WITH CHINA ON IRAN WILL CONTINUE WITH HE LIFENG
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BESSENT SAYS U.S. BOND MARKET IS THE BEST-PERFORMING IN THE WORLD
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BESSENT: TRUMP ADMINISTRATION IS AT FOREFRONT OF EXAMINING AI MODELS
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*BESSENT SAYS WILL MEET CHINA'S HE LIFENG THIS WEEKEND
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BESSENT: DECREASE IN RESERVE HOLDINGS OF DOLLARS IS MAINLY FROM RUSSIA AND CHINA
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OIL LOADINGS SUSPENDED AT TOP SAUDI RED SEA PORT OF YANBU AFTER PREVIOUS ATTACK ON EAST-WEST PIPELINE - SHIPPING SOURCES
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JOHNSON SAYS AI MORATORIUM WILL LOSE COMPETITIVE EDGE TO CHINA
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BESSENT: TRUMP COMPLETELY ALIGNED WITH NVIDIA'S JENSEN HUANG
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BRENT, US CRUDE FUTURES RISE BY MORE THAN $3 AFTER SHIPPING SOURCES TELL REUTERS OIL LOADINGS AT SAUDI ARABIA'S RED SEA PORT OF YANBU HAVE BEEN SUSPENDED
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WALL STREET OVERWHELMINGLY EXPECTS FED HIKE

Nearly every major Wall Street bank now expects the Federal Reserve to raise rates in September, according to a WSJ survey.

Most forecast 50 basis points of total tightening in 2026, while Bank of America, Deutsche Bank and RBC see 75bps.

Market angle: expectations are shifting beyond this week’s hike toward another increase before year-end.
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MORGAN STANLEY'S DAN SIMKOWITZ SAYS WE ARE IN RELATIVELY EARLY TO MIDDLE INNINGS OF AI FINANCING
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