Trump renewed pressure on Iran while oil prices fell, Saudi Aramco beat earnings estimates and Bitcoin remained steady above key support.
It would be insulting to US President Donald Trump if one were to assume that the Iran conflict is simmering down. The last 24 hours have seen the two countries exchange verbal jabs, which are shaking crypto and crude oil investors in their boots.
Interestingly, Saudi Aramco, the world’s largest oil production company, has had an excellent 2026, as observed in its Q2 earnings report.
US President Donald Trump took the mic in his hands again as he made some interesting comments over the last 24 hours. On Monday, Trump stated that Iran had one last chance to sign a deal to end the conflict.
“We are talking right now (with Iran) at the request of Iran, backed by Saudi Arabia, backed by the UAE, and backed by Qatar in particular, but others also… if it doesn’t happen, this is the last chance for them to sign a good document,” stated Trump.
This was the rather more refined version of another statement he made, wherein he mentioned that Iran was the one to call to reinitiate peace talks.
“They called me, and they said, please don’t attack. We’ll make a deal. That’s the real truth. And everyone knows it. And who wouldn’t call?.”
Trump also commented on opening the Strait of Hormuz in the next 24 hours, which hasn’t happened yet.
“The first phase is the opening of the straits. The second phase will be the denuclearisation. That’ll take a little while, but we’re very strong on it,” said Trump.
However, Iran has denied any such discussions, noting that there is currently silence between the two nations.
“We are not currently negotiating with the United States. Our negotiations are with Oman to secure passage through the Strait of Hormuz… We must ensure that the strait of Hormuz cannot be misused by parties that have committed aggression against Iran,” said Iranian foreign ministry spokesperson Esmaeil Baqaei.
Brent crude oil is currently in a drop of 11% over the past seven trading sessions. This decline came after Oil recovered by 33% in the first three weeks of July. However, this recovery is still half of the decline faced by Oil through Q2, marking a 37% drop through May and June.
At $84 per barrel, currently, it would be a good jumping point if the conflict ends. While the chances are low, hope amongst investors persists.
On the other hand, Saudi Aramco, interestingly, despite the 37% drop in Oil in Q2, managed to post 33% year-on-year increase in net income to $33.4 billion. This pushed it up from $25.2 billion a year earlier.
In its Q2 and H1 results announced on Tuesday, the Oil giant also reported that operating cash flow from operating activities came in at $25.4 billion for the quarter. This gives the company enough room to pay out its Q2 base dividends of $21.9 billion over the next 3 months.
Saudi Aramco’s profits came a day after Trump criticised oil companies benefitting from the US-Iran conflict.
“I don’t like it. They’re making too much money, okay? Based on a shortage, they’re making too much money. I don’t like it, and I should be the last one to say because I’m a big free enterprise guy…Nobody bigger, and you know, you’re going to see oil when we’re finished with Iran. You’re going to see the prices drop through the floor. But they made too much money, too much money. Chevron, too much money. Exxon Mobil, too much, too much money,” stated Trump.
Despite the ever-continuing threats from the two nations, Bitcoin’s price has remained steady. Currently sitting at $63,669, the crypto king has been holding above the $60,000 mark for quite some time now.
BTC has two major supports in place at the moment - $62,795 and $60,860. The former is the short-term support, while the latter is the focus, as losing it could lead to a sharper drop.
If the war comes to an end, BTC sure could benefit from the overall improvement of global financial conditions. But until then, the crypto king is likely going to remain as is.
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