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Oil remained supported in the absence of a Strait of Hormuz deal and with efforts to reopen the waterway dampened by tit-for-tat demands by Iran and US President Trump for reparations.

Further, Libya's NOC declares force majeure at Zawiya refinery after clashes. Libya's state-owned National Oil Corporation (NOC) declared force majeure at its 120,000 b/d Zawiya refinery following clashes between armed groups. The refinery experienced fires after storage tanks were hit, multiple times, threatening production at the El Sharara oil field.

Russia's Komsomolsk Oil Refinery in Khabarovsk Krai came under attack. This is 6,500+ kms from Ukraine.

FX traded in subdued ranges. AUD traders are awaiting the RBA at 2:30pm Sydney time / 0430 GMT / 0030 US Eastern time, with Reserve Bank of Australia Governor Bullock's press conference following an hour later. A hawkish hold is expected.

Preview: RBA meet Tuesday. CBA expects RBA to hold rates through the rest of 2026

South Korea's Kospi rose for a second straight day, up around 0.6%, as Samsung Electronics jumped circa 3.6% while SK Hynix and LG Energy Solution slipped. Foreigners were net buyers and the won strengthened, even as broader sentiment stayed cautious on the Middle East conflict.

Japanese markets were closed for a holiday. Reports from Japanese media, citing unnamed sources, firmed expectations for a Bank of Japan September (18th) interest rate hike. The yen fell regardless, though only in a small range.

Singapore's economy grew 5.9% year on year in Q2, beating forecasts, as the government raised its 2026 growth outlook to 4.5-5.5% from 2.0-4.0%, citing a stronger than expected AI investment boom offsetting a less severe than feared Middle East war impact. An official from Singapore's central bank, the Monetary Authority of Singapore, said the country's monetary policy stance remains appropriate.