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Wall Street gains as oil drops following canceled U.S. strikes on Iran

Nexus Europa Newsroom
Posted Aug 4, 2026, 04:30 AM UTC · In the digest of 2026-08-04-0430
Wall Street gains as oil drops following canceled U.S. strikes on Iran
Photo: E24

Wall Street stocks rose as oil prices dropped after U.S. President Donald Trump canceled strikes on Iran, while U.S. efforts in Venezuela stall and Snap reports strong Q2 earnings.

Wall Street equities advanced on the first trading day of the month following U.S. President Donald Trump's decision to call off planned military strikes against Iran. The announcement triggered a sharp decline in crude oil prices, with North Sea crude falling roughly seven percent to $83.80 per barrel. Despite the easing market pressure, bilateral negotiations between Washington and Tehran remain stalled, leaving potential impacts on global shipping and energy markets uncertain.

Concurrently, U.S. efforts to rebuild Venezuela's oil industry have hit administrative bottlenecks. Nearly eight months after predictions of swift industry recovery, the U.S. Department of Energy has finalized no new oil agreements or concessions.

In corporate developments, Snap Inc. shares jumped after reporting second-quarter revenue of $1.6 billion, representing a 19 percent year-over-year increase that surpassed financial analyst expectations.

Sources: Dagens Næringsliv (DN), E24, Finansavisen, VG (Verdens Gang)

How outlets assessed this

  • Aug 5, 2026, 05:00 AM UTC
    • E24 Critical Highlighted Oxford Economics' view that Norges Bank's rate hikes fail to address supply-side drivers of persistent inflation.
    • Finansavisen Cautious Focused on SEB forecasts predicting Norges Bank will maintain higher rates than international peers through 2027.
  • Aug 5, 2026, 02:00 PM UTC
    • TV 2 Nyheter Cautious Framed the unexpected housing price drop as a potentially positive development that could relieve upward pressure on interest rates.
    • E24 Critical Highlighted economic analysis arguing Norges Bank's interest rate strategy fails to address inflation rooted in supply-side problems.
  • Aug 6, 2026, 03:30 AM UTC
    • E24 Critical Highlighted expert criticism claiming Norges Bank's rate hikes miss the mark on supply-driven inflation.
    • Finansavisen Neutral Reported SEB projections showing Norwegian interest rates remaining higher than international peers until 2027.
  • Aug 7, 2026, 04:30 AM UTC
    • E24 Critical Emphasizes Oxford Economics' argument that Norges Bank incorrectly uses interest rate hikes against supply-side inflation.
    • Finansavisen Cautious Focuses on SEB projections showing Norges Bank keeping policy rates significantly higher than foreign central banks through 2027.
    • TV 2 Nyheter Supportive Highlights views that the unexpected housing market drop could relieve upward pressure on central bank interest rates.

Sources

Earlier coverage

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