AGP Executive Report
Last update: 3 hours agoHormuz Deal Hopes vs. Fragile Reality: Oil prices swung as U.S. officials said a deal to reopen the Strait of Hormuz could come by Wednesday, while Iran denied talks and a projectile hit a cargo ship in the strait—keeping markets jittery. Aramco Profit Surge, Supply Shock Warning: Saudi Aramco reported a 44% jump in quarterly net profit to $32.69bn, but warned the world has lost over 2.6bn barrels since the Iran war began and that even reopening would take up to 18 months to rebuild inventories. Iraq’s Hormuz Exports Under Pressure: Iraq exported over 30 million barrels through Hormuz in a month, far below pre-war levels, as the closure squeezes state revenue and routes. Iraq Budget Strain: Iraq struggled to pay July salaries as oil income fell, with officials warning they may not meet payroll if disruptions continue. Gaza Escalation: Israel intensified strikes on Gaza weapons traders and production sites, while mass funerals marked the recovery of 112 victims from a 2023 air strike. Regional Diplomacy on Jerusalem: Türkiye’s Fidan will attend a Jerusalem ministerial meeting in Jordan with Arab and regional states to address holy-site status and Gaza/West Bank developments. Iraq’s Shiite Pilgrimage: Millions joined Arbaeen in Karbala amid fears of renewed U.S.-Iran escalation.
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