Daily Digest — 8 May 2026

Tensions in the Strait of Hormuz dominated global markets today as US and Iranian forces traded fire in the critical waterway, with each side claiming the other shot first. Oil prices jumped to $95.79 per barrel on supply fears from the region that handles 20% of global crude shipments, while President Trump insisted the ceasefire remains intact despite the escalation.

The crisis overshadowed other major developments, including Toyota’s disappointing earnings as US tariffs drove profits down 49%, highlighting how trade tensions continue reshaping global supply chains. Meanwhile, Bitcoin fell to $79,644 as crypto markets showed signs of strain with negative funding rates hitting decade lows.

Political upheaval struck the UK as Labour suffered major losses in local elections across England, with Reform UK making significant gains in traditional Labour strongholds like Hartlepool. The party’s century-long winning streak in Wales appears set to end, marking a dramatic shift in British politics just months into Starmer’s tenure.

In the tech sector, OpenAI launched new voice intelligence features while Ramp reportedly seeks a $40 billion valuation, underscoring continued appetite for fintech despite broader market uncertainty.