Evening digest: Pakistan says US-Iran deal close, OpenAI executive leaves

Hopes of progress toward a US-Iran arrangement over the Strait of Hormuz kept energy markets on edge, while gold hovered near a two-month high ahead of key US inflation data.

Bitcoin remained under pressure as investors favored traditional safe-haven assets, and OpenAI saw another senior leadership departure as the company prepares for its planned initial public offering.

Pakistan says US-Iran deal may be close despite unresolved differences

Pakistan's Defense Minister Khawaja Asif said the United States and Iran were "close to some sort of arrangement" over the Strait of Hormuz, offering fresh optimism that months of conflict could move toward a resolution.

Speaking in Islamabad, Asif said developments were "shaping up in favor of peace," though he did not provide details on any breakthrough.

His comments followed reports that talks between Iran and Oman over reopening maritime shipping through the Strait of Hormuz had reached an advanced stage, with Pakistan and Qatar continuing mediation efforts.

Despite the optimism, significant obstacles remain.

US President Donald Trump reiterated demands that Iran pay compensation for deaths linked to attacks associated with the Islamic Republic, while Tehran continues to insist that Washington meet several conditions, including compensation for damages and the release of frozen Iranian assets.

Iranian officials have also indicated that any agreement with Oman over maritime traffic would be separate from the broader issue of reopening the strategic waterway. Officials maintain that the Strait of Hormuz will remain closed until Iran's conditions are satisfied.

The uncertainty continued to support oil prices. West Texas Intermediate crude traded near $83 a barrel, while Brent crude approached $89, as traders weighed the prospects of a deal against ongoing disruptions to Middle Eastern energy supplies.

Gold holds near two-month high ahead of US inflation data

Gold prices hovered close to their highest level in more than two months as investors awaited US consumer and producer inflation data that could shape expectations for the Federal Reserve's next interest rate decision.

Spot gold eased 0.4% to $4,370 per ounce after touching an intraday high of $4,434.84, its strongest level since June 5.

US gold futures settled 0.2% higher at $4,428.90.

Markets currently price roughly a 50% chance of a September rate hike and a 79% probability of another increase in December, according to the CME FedWatch Tool.

Bitcoin slips as investors rotate toward gold

Bitcoin traded below $63,500 on Tuesday as investor demand shifted toward gold, highlighting renewed appetite for traditional safe-haven assets amid geopolitical uncertainty.

The cryptocurrency weakened after concerns surrounding the US-Iran conflict and the continued closure of the Strait of Hormuz weighed on broader risk sentiment.

At the same time, gold attracted renewed investor inflows, with SPDR Gold Shares recording its strongest daily retail inflows since March.

Despite the recent weakness, data from CryptoQuant showed Bitcoin's 90-day correlation with gold remains elevated.

Technical analysts also continued to monitor resistance around the $65,800 level ahead of Wednesday's US consumer price index report, with inflation data expected to be the week's next major catalyst for both traditional and digital asset markets.

OpenAI loses another senior executive ahead of planned IPO

OpenAI executive Brad Lightcap is leaving the artificial intelligence company after nearly eight years, becoming the latest senior figure to depart the rapidly evolving AI industry.

Lightcap, who joined OpenAI in 2018 and most recently led special projects after previously serving as chief operating officer, announced his departure in a message to employees.

"It is bittersweet to share that I'll be moving on from OpenAI to start something new," Lightcap wrote. "I feel incredibly fortunate to have spent most of the last decade pursuing our mission and building this company. Sitting here today, mission success feels within sight."

A Barron's report said Lightcap's responsibilities had already shifted away from day-to-day operations, and the company does not expect his departure to affect its daily business.

His exit follows several high-profile leadership changes across the AI industry, including departures at Alphabet and Google DeepMind, reflecting intense competition for top AI talent.

OpenAI is also preparing for a planned initial public offering announced earlier this year, making leadership stability an important focus as it moves toward the IPO process.