WTI crude rose $4.93 to $106.31, the highest since May, and has finished higher in 11 of the past 12 sessions. The rally has unfolded amid signs of a tightening supply picture. Saudi Arabia’s spare pipeline is offline and repairs are expected to take three to six weeks or longer, while loadings at a Red Sea port have been suspended. Separately, the U.S. 10-year Treasury yield touched 5.04%, its highest level since 2007.

The Reserve Bank of New Zealand lifted its policy rate by 25 basis points to 2.75%, with Governor Adrian Orr saying settings remain accommodative. Australia’s second-quarter GDP rose 0.4% quarter-on-quarter, above expectations, keeping a September rate hike in focus. In Japan, Bank of Japan Governor Kazuo Ueda signalled more rate increases ahead while warning about cumulative risks, and board member Hajime Takata urged nimble hikes as inflation risks build.

FedEx executives said freight demand has not shown any “demand destruction” in the latest earnings call. The company reported strong revenue growth in the most premium segments of the global economy. They also pointed to inventory rebuilding and early time-critical shipments turning into repeatable revenue streams as signs of steady customer spending. FedEx added that AI and data centers are emerging as a rapidly scaling growth engine, delivering double-digit revenue growth.