Gas flares from an oil production platform at the Soroush oil fields with an Iranian flag in the foreground in the Persian Gulf, 1,250 km (776 miles) south of the capital Tehran, July 25, 2005.
Raheb Homavandi | Reuters
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
It’s the third week of the Iran War, and despite all the Trump administration’s claims of winning, U.S. President Donald Trump has called on other countries for help to secure the Strait of Hormuz over the weekend. Is the administration really “winning,” one might wonder?
What you need to know today
Iran’s critical oil export hub Kharg Island is now in U.S. President Donald Trump’s sights, with Trump threatening strikes on the island’s oil infrastructure after hitting military targets on Friday.
That definitely won’t calm the oil markets that have seen U.S. crude futures topping $100 a barrel, despite plans for the largest coordinated release of crude from global stockpiles. On Monday, the U.S. president said to reporters on Air Force One that oil prices will come “tumbling down once its all over.”
The White House, meanwhile, plans to announce as soon as this week that multiple countries have agreed to help escort oil tankers through the Strait of Hormuz, U.S. officials told The Wall Street Journal. About a week back, Trump told CBS that he “couldn’t care less” when asked if he would want U.S. allies to offer him greater support.
Investors will also be focusing on key economic data out from China on Monday, with the world’s second-largest economy announcing retail sales, industrial output and urban investment data.
But even in China, Trump looms large. The U.S. president could reportedly delay his meeting with Chinese President Xi Jinping, as he urges Beijing to help unblock the Strait of Hormuz.
Away from the war and energy supply worries, the Oscars are currently underway, with KPop Demon Hunters winning the award for the best animated feature film. Netflix’s most-watched film ever is getting a sequel, it was confirmed on Friday.
— Lim Hui Jie
