Gas prices are displayed at a Valero gas station on July 21, 2026 in Austin, Texas. <\/p>\n
Brandon Bell | Getty Images<\/p>\n
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.<\/p>\n
U.S. President Donald Trump has said that Washington was only “semi-negotiating” with Iran, as economic pressure mounts on the country. “We are just watching Iran with its huge inflation and the fact they have no money.” <\/p>\n
That offers little solace to a world watching oil prices surge past $82 per barrel, while the U.S. Strategic Petroleum Reserve has dipped to its lowest level since 1983. <\/p>\n
What you need to know today<\/p>\n Oil worries are back as hopes for a U.S.-Iran deal that could alleviate the pain caused by energy supply disruption are diminishing.<\/p>\n Crude oil stockpiles<\/a>\u00a0in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level in more than four decades, as global inventories stay under pressure due to the Iran war.<\/p>\n The SPR fell by 6.1 million barrels to 298.7 million barrels last week, according to data released by the\u00a0U.S. Department of Energy<\/a>\u00a0on Monday. The reserve, created in 1975, is at multi-decade lows.<\/p>\n President\u00a0Trump<\/a>\u00a0ordered the release of\u00a0172 million barrels<\/a>\u00a0in March after Iran choked off oil exports through the Strait of Hormuz, triggering the largest disruption of crude oil supplies in history.<\/p>\n International benchmark\u00a0Brent<\/a>\u00a0rose around 5% to $87.72\u00a0a barrel on Monday, rallying for a fourth straight day, while U.S.\u00a0West Texas Intermediate\u00a0futures<\/a>\u00a0climbed about 5% to close at $82.13 per barrel.\u00a0U.S. stock futures were mixed on Tuesday, while Asia markets were trading slightly higher.<\/p>\n Trump, who last week projected confidence in a deal between Washington and Tehran,\u00a0told Axios on Sunday that he was prepared to wait<\/a>\u00a0for economic distress to mount in Iran, backing away from a renewed military offensive.<\/p>\n “We are low-keying it,”\u00a0Trump said<\/a>, “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.”<\/p>\n While investors fret over oil, the tech world is going full speed ahead.<\/p>\n Nvidia CEO Jensen Huang said\u00a0the chipmaker and six asset firms<\/a>\u00a0are working to\u00a0turn artificial intelligence chips<\/a>\u00a0into Wall Street’s newest asset class in a $500 billion dollar push.<\/p>\n The effort aims to mobilize more than $500 billion in third-party capital for hyperscalers, frontier AI labs and enterprises to build out data centers and acquire Nvidia hardware.<\/p>\n By using institutional credit, insurance funds and private capital to underwrite GPUs and data centers, Nvidia is helping its end users secure financing without tapping their own balance sheets.<\/p>\n Meta, meanwhile, said it would\u00a0open source its most powerful AI models<\/a>\u00a0and launch new ones for consumer devices, stepping up its challenge to OpenAI and Anthropic.<\/p>\n CEO Mark Zuckerberg said that the company would open the weights for its latest AI model Muse Spark 1.2, meaning it can be downloaded and used by the public. Weights refer to the calculations and rules that determine how the AI works and behaves.<\/p>\n Zuckerberg also said the company will release a new family of open-source models called Muse Glimmer, designed to run on a laptop.<\/p>\n \u2014 Lim Hui Jie<\/p>\n And finally…Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gas prices are displayed at a Valero gas station on July 21, 2026 in Austin, Texas. Brandon Bell…\n","protected":false},"author":2,"featured_media":631005,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[261],"tags":[208302,262214,291,289,290,207,6619,356,18,63591,30892,19,18929,17,157630,162916,188,5763,778,1999,82,4953,384,162915,2709,4054],"class_list":["post-631004","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-lco26v","tag-lco27f","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-business-news","tag-donald-j-trump","tag-donald-trump","tag-eire","tag-energy-select-sector-spdr-fund","tag-government-and-politics","tag-ie","tag-iran","tag-ireland","tag-ishares-semiconductor-etf","tag-lp","tag-markets","tag-meta-platforms-inc","tag-nvidia-corp","tag-singapore","tag-technology","tag-tehran","tag-united-states","tag-united-states-oil-fund","tag-washington","tag-world-markets"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/117075007858698680","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/631004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=631004"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/631004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/631005"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=631004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=631004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=631004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}