Iraq's average daily oil exports since the beginning of August are the highest since the outbreak of the Middle East war between Iran and the United States, which has choked off the Strait of Hormuz, the oil ministry said Friday.

Iraqi Oil Minister Bassem Mohammed Khudair told a press conference that "exports since the beginning of the month have reached a rate of two million barrels" per day, for a total of around 26 million barrels, saying the daily rate was achieved "for the first time since the crisis began".

Americans unexpectedly cut their spending in July as a boost from government tax refunds faded.

Retail sales slipped 0.6% last month, the biggest drop since May 2025, from a revised gain of 0.2% in June, according to Commerce Department data released Friday.

The top U.S. priority now in the Iran war is no longer its nuclear program but to bring gasoline prices down for American consumers, the vice president said Thursday, with the treasury secretary adding that new economic punishment to wear down Tehran is imminent.

The comments by Vice President JD Vance and Treasury Secretary Scott Bessent illustrate the powerful leverage Tehran has gained by shutting down the Strait of Hormuz.

European stocks mostly rose Thursday as investors welcomed news of easing U.S. inflation, while oil prices fell back from recent gains amid uncertainty over the prospects for the Strait of Hormuz.

London's stock market, however, fell as shares in heavyweight mining companies retreated after copper giant Antofagasta downgraded its production outlook.

U.S. consumer inflation slowed slightly to 3.4 percent in July despite turbulent oil prices due to the Iran war, government data showed, with the data likely giving the Federal Reserve room to breathe on interest rates.

The consumer price index (CPI) rose 0.1 percent from a month earlier, but fell on a year-on-year basis, according to data released by the U.S. Bureau of Labor Statistics. The data was in line with analyst expectations.

Russian President Vladimir Putin on Wednesday threatened retaliation for Western seizures of its commercial vessels, describing them as "piracy."

Speaking on a visit to a Russian warship that was taking part in a naval exercise in the Pacific, Putin described the Western moves to detain vessels linked to Russia as a breach of international maritime law.

Wall Street is modestly lower in premarket trading and oil prices settled despite lingering uncertainty about when the Strait of Hormuz will reopen to the global flow of oil again.

Futures for the S&P 500 ticked up 0.1% before the opening bell Tuesday, while futures for the Dow Jones Industrial Average nudged down 0.1%. Nasdaq futures rose 0.3%.

President Donald Trump likes to say that he started his war with Iran after 50 years of economic pressure had failed to stop its nuclear weapons ambitions — but he's now betting that another financial squeeze can bring an end to that war.

The Trump administration is hoping that months of bombing have pushed Iran's economy to a breaking point that will force its leadership to cave to demands to end its nuclear program and fully reopen the Strait of Hormuz to oil and natural gas tankers.

Encouraging customers to mend worn clothes instead of buying new ones might seem like a self-defeating sales strategy. But in-store repairs and sewing workshops are becoming essential retail services for clothing brands as they try to appeal to young consumers who want to save money and the planet.

While luxury fashion houses and select specialty retailers like Patagonia and L.L. Bean have offered product repairs for decades, the concept has caught on. Jeans giant Levi Strauss & Co., casual wear chain Uniqlo and budget retailer Primark are a few of the apparel companies hoping to win over Generation Z shoppers with a needle and thread.

Lebanon on Monday filed a lawsuit against former central bank governor Riad Salameh over accusations including embezzlement and illegal enrichment following a complaint lodged by his successor, a judicial official told AFP.