Singapore Evening Wrap: Oil Spikes as Iran-US Conflict Escalates, Markets Brace for Fed Decision

Iran escalated its war with the US by threatening a new restricted zone in the Gulf after American strikes destroyed an Iranian oil tanker in the Strait of Hormuz, pushing Brent crude toward US$97 a barrel. Singapore's retail sales growth slowed to 1.5% in July, while Parliament prepares for a major debate on political salaries this week. The Singapore Red Cross is distributing air purifiers and support packs to 700 vulnerable residents as haze and heat persist.

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