Oil prices climbed as stalled U.S.-Iran talks outweighed signs of Gulf export recovery. Brent crude futures for November rose 1.7% to $107.05 a barrel, while the December contract gained 1.7% to $99.49 a barrel. The U.S. oil gauge WTI advanced 1.5% to $94.01 a barrel. Saudi Arabia resumed oil exports via its East-West pipeline after repairing drone-strike damage, restoring a key route around the Strait of Hormuz. However, steepening backwardation and higher fuel prices signaled persistent supply tightness. Analysts at ANZ warned that challenges in oil product markets show no signs of easing, with the risk of a U.S. diesel export ban looming, while Russia is preparing to extend its diesel export ban for producers by another month.

Chinese automakers are increasingly collaborating after years of fierce competition. Geely and NIO teamed up on battery-swapping technology, a move praised by Nomura analysts as a sign of improved market efficiency and win-win opportunities. The agreement supports NIO's long-term development, and despite 2026 being a transition year with sluggish demand, NIO has shown strong performance with its new models.

International Consolidated Airlines Group's fuel bill this year is likely to exceed the €8.6 billion estimated at second-quarter earnings, according to Bernstein analysts Alex Irving and Antoine Madre. Demand remains robust, especially in long-haul markets, with strong pricing visible on the North Atlantic routes. British Airways and Iberia continue to perform well. Shares rose 0.5% to 438.50 pence, up 5.8% year-to-date.

Canadian railways reported a fourth consecutive monthly rise in July carloadings, with freight volumes reaching 31.7 million metric tons, up 2.6% year-on-year. This marked the third-highest July on record. First Group completed a £90 million pension liability buy-in, reducing its exposure to pension risk. RBC Capital Markets analysts noted the company's favorable valuation and capital allocation. Daimler Truck stands to benefit from a strong order backlog across Europe and North America.