Crude oil weakness and high-stakes diplomacy anchored global macro movements this hour, as easing geopolitical tension around the Strait of Hormuz drove energy declines that rippled across equity markets. Oil held below $90 a barrel following positive headlines surrounding U.S.-Iran peace talks and a potential reopening of the waterway, dragging WTI to test support at $80.37 and Brent to $85.16. Lower energy costs helped buoy broader European shares—offsetting hawkish European Central Bank rate warnings—even as the retreat in crude kept London's FTSE 100 flat due to pressure on oil majors. Meanwhile, the U.S. dollar ticked higher ahead of July PCE data and the Jackson Hole symposium, while Thailand’s central bank held interest rates steady against a backdrop of Middle East conflict uncertainty and U.S. fiscal anxieties. In geopolitics, the Kremlin addressed CIA Director John Ratcliffe’s unannounced eight-hour visit to Moscow—the first trip to the Russian capital by a CIA chief since William Burns in November 2021—confirming intelligence service contacts amid reported potential topics including detainee negotiations, the Ukraine peace process, and the Iran conflict. On the technology front, artificial intelligence prompted both strategic shifts and urgent regulatory appeals: Bill Gates issued a 5,784-word warning urging global coordination and regulation to address risks to employment and safety while seeking discussions with China’s Xi Jinping, even as enterprise markets showed selective AI fatigue as UBS downgraded SAP over a lack of AI catalysts. Concurrently, investor focus remained locked on upcoming Nvidia earnings and intensifying competition from top customers OpenAI, Google, and Amazon developing in-house custom silicon, while Siemens Energy initiated plans to spin off its industrial unit to capitalize on surging power demand.