Tues., Aug. 4, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., Aug. 4…regular $4.08…diesel $5.37
Stocks soared today to new all-time highs on the Dow Jones and S&P 500 as super earnings reports from Dow component and new AI-bellwether Caterpillar, as well as Palantir, led the way, while there was optimism from the Middle East that a possible agreement to reopen the Strait was near.
Caterpillar is a bellwether on the building of AI data centers.
Qatar said mediators were making progress in efforts to end the war on Tuesday, although Tehran has denied President Trump’s assertion that talks are already under way. U.S. Treasury Secretary Scott Bessent said on CNBC early this morning that there is a chance of a deal today or tomorrow to open the Strait. But both Qatar and Bessent cautioned there’s no solid agreement yet.
Oil prices fell quickly after the comments from Qatar, with WTI falling 5% to below $76, extending Monday’s steep losses on hopes that an arrangement could soon be reached to unfreeze traffic through the blockaded Strait of Hormuz. But for now, the Strait remained virtually shut, with another ship reportedly coming under attack while trying to cross it.
Trump said on Monday that talks with Tehran had started and Iran faced a “last chance” to reach a deal. Iranian officials insisted no negotiations with the United States were taking place. Iran says its only talks are with Oman about the Strait, and that no major meetings were planned this week.
“They are going on right now,” Trump told reporters at an Oval Office event on Monday when asked about negotiations, adding that discussions were taking place at the request of Iran, Saudi Arabia, the UAE and Qatar. “This is a last chance for them (Iran) to sign a good document.”
The president also said: “I want to give (Iran) every last chance before decapitation.”
Iran has halted most traffic through Hormuz while Washington maintains a blockade of Iran-related shipping and ports, disrupting a corridor that normally carries about a fifth of global oil and liquefied natural gas shipments. The UKMTO, a UK maritime security agency, told Reuters on Tuesday that a cargo vessel (dry bulk ship) was hit by an unidentified projectile and that the crew had to abandon the vessel and one seafarer was missing.
As oil futures fell, so, too, did gasoline futures, which fell 4% to below $2.90, the lowest level since June 26, and, yes, the price of ‘regular’ at the pump will be coming down soon, and back below $4.00 for a nationwide average in short order if this is the level we stay at.
As for diesel, which has been rising rather steadily, it has its own dynamics on the refinery end, and with outside issues such as Russia extending its diesel and gasoline export ban through Jan. 2027.
Meanwhile, there was positive news out of Saudi Aramco, which reported that while last month’s attacks from Yemen’s Houthis and Iranian-backed Iraqi militias targeted Saudi oil facilities, they didn’t have a material impact on its operations, and the company is working to expand its oil export capacity.
The comments by Chief Executive Officer Amin Nasser come after the Saudi energy giant acknowledged the attacks on key infrastructure for the first time.
Aramco is looking to expand its east-west pipeline that’s proved a vital lifeline to both the kingdom and the oil market during the war.
However, if the company were to send more of its shipments through the Suez Canal and the Cape of Good Hope around Africa, it would take 20 to 25 days longer than usual voyage times, Nasser said.
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Late today, Israeli Prime Minister Benjamin Netanyahu said that Israeli forces will not withdraw from their current lines in Gaza until Hamas has completely disarmed.
In remarks on social media, Netanyahu suggested there were big differences between Israel and the Trump administration over a recent deal announced to disarm the militant group.
The administration “sent us a draft. We did not agree. It is not our draft. We sent our comments,” Netanyahu said. “This is our position. We stand firm on our interests, I believe both wisely and resolutely.”
Dow Jones +907…+1.7% [54085…record]
S&P 500 +136…+1.8% [7736…record]
Nasdaq +671…+2.6% [26584]
Oil (WTI) $75.85…Brent $79.50
Gold $4080
Silver $59.60
Bitcoin $64,240 [4:00 PM ET]
U.S. 2-yr. 4.20%
U.S. 10-yr. 4.62%…big rally in Treasuries with fall in crude prices….
Japanese 10-yr. 2.82%…nearing a 30-year high set in early July….
Back Wed.
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