U.S. President Donald Trump announced that there will be no military action against Iran before the upcoming midterm elections, aiming to alleviate concerns about rising energy prices. However, prediction markets indicate an 87% chance that gas prices will remain above $4 per gallon, suggesting skepticism about the effectiveness of these assurances.
Following this news, Brent crude futures rose by 4% to over $104 per barrel, while U.S. West Texas Intermediate futures increased by 3.6% to $91.49 per barrel. In the tech sector, OpenAI reported an annualized revenue of approximately $50 billion, significantly lower than the previously reported $68 billion, leading to declines in shares of major AI companies like Nvidia and Oracle.
Additionally, Vice President JD Vance announced the suspension of several tech firms, including Microsoft, from a program that facilitates green cards for skilled foreign workers, emphasizing a push for American job creation.
In other news, Elon Musk's SpaceX is acquiring a spectrum portfolio to expand its Starlink service in the U.S., while Musk criticized Indian telecom giants for blocking his satellite internet service.
Lastly, Indian billionaire Mukesh Ambani's Reliance Industries is becoming a major buyer of Venezuelan crude oil, aligning with Trump's push for increased Indian purchases of Venezuelan oil, despite U.S. sanctions