Crude oil slipped below $82 per barrel on Thursday, extending its decline to a fourth straight session amid signs of diplomatic progress in the Middle East. Iran and Oman reached an agreement over each country’s share of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that reopening the crucial waterway would require more than an agreement with Oman. Meanwhile, President Donald Trump said 10 million barrels of oil had passed through Hormuz on Tuesday, while reiterating claims that mines in the waterway had been cleared. Oil prices have also come under pressure this week after fresh US economic sanctions on Iran proved less aggressive than markets had feared, with the White House so far sparing Iran’s trading partners from tougher measures. Elsewhere, Russian President Vladimir Putin was reportedly planning an escalation in Ukraine, keeping risks to global energy supplies in focus.

Wheat futures climbed toward $7.40 per bushel in late August, hitting its highest level since June 2023, as the escalating Russia-Ukraine war fueled concerns over further disruptions to supplies from one of the world’s key grain-producing regions. Russia is set to ramp up attacks on Ukraine, including infrastructure strikes, after concluding that peace talks have reached an impasse. Russia and Ukraine account for more than a quarter of global wheat exports, raising fears of renewed food-price pressures amid elevated energy and transport costs stemming from Middle East conflict. Ukraine’s agricultural exports are already expected to fall by more than half this season from previous estimates, while Russian wheat exports are projected to drop over 50% in August from a year ago. Adding to upward pressure on prices, US wheat export inspections fell to 425,668 metric tons in the week ended August 20, from 514,363 tons a week earlier and well below the 1.05 million tons recorded a year ago.

Thailand posted a trade deficit of USD 3.61 billion in July 2026, shifting from a USD 0.32 billion surplus a year earlier, marking a tenth straight monthly shortfall but smaller than market forecasts of a USD 5.4 billion gap, as imports grew much faster than exports. Imports jumped 36.7% yoy, easing sharply from a 50.3% rise in June and below forecasts of 42.2%, supported by ongoing government stimulus measures aimed at boosting consumption and investment. Meanwhile, exports rose 21.6% yoy, accelerating slightly from a 20.8% increase in June and surpassing estimates of 17.8%. Export growth was mainly driven by a rise in sales of industrial products, which rose 24.2%. Shipments to the US, Thailand’s largest export market, surged 45.3% yoy, while those to China and Japan rose 15.2% and 21.3%, respectively. For the first seven months of the year, the country registered a USD 35.4 billion deficit, with exports rising much less (18.2%) than imports (37.8%).

Household spending in Australia rose 1.1% month-on-month in July 2026, following an upwardly revised 1.0% increase in June and marking the third straight monthly gain. The result far exceeded market expectations of a 0.4% rise, with spending growing for all components, including food (1.0% vs 0.3% in June), alcohol and tobacco (0.9% vs 1.3%), clothing (1.6% vs -0.6%), furnishings (0.4% vs 0.6%), health (1.2% vs 0.6%), transport (0.6% vs 3.4%), recreation (1.5% vs 1.6), hotels, cafes, and restaurants (1.1% vs 0.1%), and miscellaneous goods and services (1.3% vs -0.5%). Regionally, all states and territories recorded gains: New South Wales (0.7%), Victoria (1.3%), Queensland (1.1%), South Australia (0.7%), Western Australia (1.5%), Tasmania (1.2%), the Northern Territory (2.2%), and the Australian Capital Territory (1.2%). On an annual basis, household spending climbed 7.0%, up from 6.1% in June, pointing to the fastest pace since June 2023.

The Bank of Korea (BoK) raised its base rate by 25 basis points to 3% at its August 2026 meeting, in line with market expectations, marking a second consecutive rate hike and the first back-to-back increases since early 2023. The decision reflected persistent inflation risks as stronger-than-expected economic growth and an unprecedented semiconductor boom fueled by global AI demand boosted the export-driven economy. Q2 gross domestic income surged 15.6% year-on-year, its strongest growth in more than 38 years, underscoring the economy’s robust momentum. In turn, the BoK raised its 2026 growth forecast to 3.3% from 2.6% previously and projected 2.9% growth in 2027. Meanwhile, inflation remained above the central bank’s 2% target, with consumer prices rising 2.8% in July and core inflation at 2.6%. The won’s recent strengthening also reduced pressure to delay tightening, while policymakers sought to contain persistent price pressures amid robust economic momentum.

US stock futures climbed on Thursday after Nvidia delivered a bullish sales outlook, signaling that artificial intelligence-driven demand could remain strong through 2028. Nasdaq 100 futures jumped 1%, while Dow and S&P 500 futures each gained around 0.5%. In extended trading, Nvidia shares surged more than 4% following better-than-expected Q2 results and strong revenue guidance, with its outlook providing fresh evidence that spending on AI infrastructure remains robust. Salesforce also jumped nearly 13% after reporting higher-than-expected Q2 revenue, while Okta soared 20% after topping estimates and citing booming demand for agentic AI. Investors now await more earnings reports on Thursday from Workday, Autodesk, MongoDB, Dollar General and Best Buy, among others. In regular trading on Wednesday, the Dow fell 0.21%, while the S&P 500 and Nasdaq Composite slipped 0.02% and 0.08%, respectively.