Middle East Strikes Drive Oil Prices Up, Asian Markets Mixed

Fresh Middle East strikes and a draw in US crude inventories sent oil prices surging on July 29, 2026, according to multiple energy reports. The turmoil, including ongoing tensions around the Strait of Hormuz, also weighed on Asian markets, with South Korea's Kospi index falling 6% while other regional shares were mixed. The higher oil prices are part of a broader trend that has benefited mining giants, who are also seeing gains from the AI boom. Separately, BMW announced plans to cut 8,000 more jobs as part of a cost-cutting drive, though this is not directly related to the oil price surge.