Passengers Avert FlyDubai Tel Aviv Crash After Pilot Attacked; Oil Holds Gains on Hormuz Recovery
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Oil holds its gains as traders weigh the recovery in Middle East crude flows. Hormuz shipments approach late-June highs, while President Donald Trump says oil flows through the strait have returned to historic levels. UAE Energy Minister Suhail Al Mazrouei says the country sees demand for its additional oil supply, while Iraq offers discounts on crude. Iranian Foreign Minister Abbas Araghchi presents a US proposal to Iran’s president as diplomatic efforts continue. Qatar is also seeking common ground between Washington and Tehran. Asian bonds follow Treasuries lower and stocks decline, while US consumer spending posts its biggest increase in a year. Trump calls for Federal Reserve Chair Jerome Powell to resign over the Fed’s renovation project. Asian chip stocks rise after Micron delivers a bullish forecast, projecting first-quarter adjusted revenue of $60 billion to $63 billion, above estimates, while warning that employee pay increases will weigh on margins. Saudi Arabia raises its 2
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