Gas flares from an oil production platform at the Soroush oil field in the Persian Gulf, 1,250 kilometers (776 miles) south of the capital Tehran, on July 25, 2005. The Iranian flag is raised in the foreground.
Raheb Homavandi | Reuters
Hello, my name is Hui Jie from Singapore. Welcome to another edition of CNBC’s Daily Open.
The Iran war is now in its third week, with US President Donald Trump calling on other countries to help secure the Strait of Hormuz over the weekend, even as his administration claims victory. Some may wonder whether the government is really “winning.”
What you need to know today
Kharg Island, a key Iranian oil export hub, is now within the sights of US President Donald Trump, who has threatened to attack the island’s oil infrastructure following Friday’s attack on a military target.
It is sure to calm the oil market, where U.S. crude oil futures prices have soared above $100 a barrel, despite plans for the largest coordinated release of crude oil from the world’s stockpiles. On Monday, the U.S. president told reporters on Air Force One that oil prices “will plummet when it’s over.”
Meanwhile, the White House is expected to announce as early as this week that several countries have agreed to help escort oil tankers through the Strait of Hormuz, a U.S. official told The Wall Street Journal. About a week ago, President Trump was asked by CBS if he wanted more support from U.S. allies, and he said, “I wouldn’t mind.”
Investors will also be keeping an eye on key economic data coming out of China on Monday, as the world’s second-largest economy releases retail sales, industrial output and urban investment data.
However, President Trump has a large presence in China as well. The US president reportedly wants China’s help in lifting the blockade of the Strait of Hormuz, which could postpone his meeting with Chinese President Xi Jinping.
Away from war and energy supply concerns, the Oscars ceremony is currently underway, with KPop Demon Hunters taking home the award for Best Animated Feature Film. The most-watched movie in Netflix history is getting a sequel, it was revealed Friday.
— Lim Huijie
