Brent crude fell 1.3% on Friday after Donald Trump said the US would not attack Iran before the US midterm elections and as China restarted fuel exports. European equities traded higher, with the FTSE 100 up 0.8%, France’s CAC 40 up 0.77% and Germany’s DAX up 1.07%. US stock index futures pointed to a firmer open on Wall Street.

Escalating tanker attacks in the Middle East and the approach of Storm Isaias toward the Gulf of Mexico have constrained U.S. crude output, lifting Brent above $104 a barrel. Higher energy costs have driven bond yields higher, with the 30-year government bond yield rising to 6.0117%. Global stock markets have come under pressure and moved lower.

Australia’s consumer price index rose to 4% in the year to August, up from 3.5% in July, while underlying inflation held at 3.6%, according to the Australian Bureau of Statistics. Treasurer Jim Chalmers attributed the increase to higher fuel costs and the unwinding of last year’s energy rebates. Both readings remain well above the central bank’s 2.5% target band. Markets are concerned sticky inflation could force the Reserve Bank to raise rates again.

After cancelling the launch of the GPT-6.1 Astra model over safety concerns, OpenAI introduced a new AI agent tool called Dots powered by GPT-6 Astra. The app is now available in the US and has been downloaded more than 3m times. The company’s CEO also said another model, GPT-6.1 Sol, is cheaper and outperforms Astra in many areas.

Anthropic’s IPO prospectus warns that advanced AI could pose “catastrophic or existential risks to humanity,” as the Claude chatbot maker pursues a flotation that could value it at more than $2tn. The filing shows revenue grew 12fold in 2025 to nearly $4.6bn, while its operating loss widened to over $8bn from nearly $3bn in 2024. Separately, AstraZeneca said it will invest $2bn in Summit Therapeutics in a cancer drug collaboration. Vesuvius shares jumped almost 25% and the 10-year UK gilt yield fell 4.4 basis points to 5.385%.

International oil prices fell for a sixth consecutive session, with Brent crude slipping below $100 a barrel to a more than two-week low. Reports said Saudi Arabia has restarted its east-west oil pipeline, lifting expectations of additional Middle East supply. Hopes for progress in negotiations between the United States and Iran also eased supply concerns and weighed on prices.

The UK posted public sector net borrowing of £18.3bn in August, above expectations of £15.6bn and above the Office for Budget Responsibility’s forecast. Borrowing so far this financial year is £8.1bn higher than the OBR projected. Public sector net debt is just below £3 trillion, around 94% of GDP, the highest since the early 1960s. With inflation reported at 3.1%, debt interest costs are adding further pressure.

Reserve Bank of Australia Governor Michele Bullock said upside risks to inflation are starting to emerge, clearing the way for a rate increase at the RBA’s 28–29 September policy meeting. She said the key issue will be whether the three earlier rate hikes are enough to return inflation to the 2.5% target within a reasonable timeframe. Separately, the US Federal Reserve raised interest rates this week for the first time since 2023, as central banks respond to persistently high fuel prices.

Uber said it will cut about 10% of its global workforce, affecting roughly 3,300 corporate jobs, and will require most employees to work from the office. The restructuring is aimed at streamlining the organisation by merging operations and tech teams, cutting “microteams” by nearly 50%, and reducing management layers to improve efficiency.