Children swim while a ship is anchored in the Strait of Hormuz off the coast of Bandar Abbas, Iran, on August 10, 2026.
Ali Saidi | Getty Images
Hello, my name is Anique Bao from Singapore. Welcome to another edition of CNBC’s Daily Open.
Six months into the Iranian blockade, the U.S. government is transitioning weapons. The pressure campaign against Iran has now moved from the Strait of Hormuz to the financial system, with secondary effects hitting squarely in Europe.
Britain is the fastest growing economy in the G7 and, according to the IMF, the richest country in the world most exposed to the war.
Greenland just notified an oil venture linked to President Trump that its permit is not appropriate. And China’s robotaxis are heading to four more European cities.
What you need to know today
US Treasury Secretary Scott Bessent said the US would apply “unprecedented” measures against Iran, saying the US’ next action would be economic isolation on an unprecedented scale.
The statement came after Secretary of Defense Pete Hegseth said the U.S. Navy could maintain a blockade of Iranian ports “indefinitely” by rotating warships in and out of the region.
Iran is scrambling to find ways to avoid US economic pressure. Central Bank Governor Abdulnasser Hemmati said on Thursday that Iran will soon join the BRICS New Development Bank as the Iranian government seeks to strengthen economic ties.
According to Iran’s Tasnim news agency, Hemmati is currently visiting India ahead of next month’s BRICS summit. “We aim to establish bilateral and trilateral monetary cooperation with member countries,” Hemmati was quoted as saying.
President Trump has threatened to impose 25% tariffs, directly or indirectly, on countries that purchase Iranian goods and services, potentially harming China, Iran’s largest trading partner.
The US aircraft carrier USS George Washington had been en route to replace the aircraft carrier USS Abraham Lincoln, which has been stationed in the Middle East for more than 250 days, but was originally scheduled to end its deployment in May.
The market overcomes the wall of uncertainty
The sacrifices of war lurk
The UK economy is showing further signs of a long-awaited recovery, with GDP increasing by 0.4% in the second quarter, putting the UK on track to lead the G7 for the second consecutive quarter. Capital investment during the same period also increased by 1.7%, compared to the expected decline of 0.5%.
Sanjay Raja, Deutsche Bank’s chief UK economist, called the annualized pace in the first half of the year “frenetic” and warned that pump prices would squeeze household incomes.
The International Monetary Fund warned in April that the war would be more damaging to Britain’s growth than other developed countries, given the country’s dependence on oil and gas imports.
Data on Thursday showed that Britons have been spending more than expected in recent months due to hot weather, England’s strong performance at the FIFA World Cup and rising business confidence.
Economics of Eclipse
In parts of Europe where the eclipse will be visible, hotel and short-term rental prices have soared to more than $1,000 a night.
The solar eclipse seen in the UK, Iceland, northern Spain, Greenland and Portugal earlier this week caused a surge in travel demand across destinations.
Hotel and short-term rental prices soared in some European cities in the eclipse’s path, including Iceland’s capital Reykjavik and Spanish cities such as A Coruña and Bilbao, according to data from commercial travel and hospitality company Lighthouse Intelligence.
Greenland refuses to rush
Trump-linked Nasdaq-listed oil and gas exploration company Greenland Energy and London-listed partner 80 Mile have postponed exploration drilling in the Jameson Land Basin until winter 2027 after the Greenlandic government issued a formal warning for bringing equipment onshore without permission.
“Activities in the Arctic require patience, flexibility and a long-term perspective. We will use this time to refine our plans and deepen our relationships with local communities, strategic partners and relevant authorities,” Greenland Energy CEO Robert Price said in a statement.
80 Mile holds the license and operates the permit through its wholly owned subsidiary, White Flame Energy. The exploration license was granted before Greenland stopped issuing new licenses in 2021, citing the worsening climate crisis.
More Chinese cars on European streets
And finally…
Why global funds are flocking to PM Modi’s hometown of GIFT City
More than a decade after its launch, major asset management companies are flocking to India’s GIFT City, driven by strong domestic investor appetite for global markets, relaxed regulations on the use of foreign currency, and increased taxes.
Experts say GIFT City, located in Prime Minister Narendra Modi’s home state of Gujarat, has emerged as a key gateway for international investors seeking access to India’s growth opportunities and resident Indians seeking international wealth solutions.
Rajesh Gandhi, partner at Deloitte India, said the government earlier this year had improved the tax system to put GIFT City on par with global financial centers such as Singapore.
While these tax incentives are encouraging inbound investments, the government has also relaxed capital controls for outbound investments made through the city, Gandhi said, adding that his firm is seeing an increase in outbound and inbound funds being set up in India’s first global financial center.
— Priyanka Salve
