Oil prices increased as concerns persist over the war's impact on global oil supply, with Brent crude rising by 3.8% to $82.49. A significant portion of the world's oil and gas traded previously passed through the Strait of Hormuz, and prices surged during the conflict, which has contributed to inflation by increasing gasoline and shipping costs. Iran has indicated that a deal with Oman to reopen the Strait of Hormuz is nearing, although the situation has fluctuated over the past five months. Current inflation rates are above 3%, putting pressure on businesses and households, as the U.S. economy grew at a slow pace of 1.5% in the second quarter.

Employment rates remain strong, though a recent report noted an increase in unemployment claims last week. However, layoffs are still within healthy historical ranges. The July jobs report is set to be released on Friday. Warner Bros. Discovery and Molson Coors saw stock increases of 1.7% and 1.3%, respectively, following better-than-expected earnings. SpaceX shares rose by 6.1% after a lockup period ended, though they are trading below their initial public offering price.

In Asia, mixed performances were noted in stock indices, and European markets largely advanced. Treasury yields in the bond market increased, with the 10-year Treasury yield rising to 4.67%.