Oil price holds $91 while OpenAI halves prices

The price of Brent crude oil remains stuck at $91 per barrel as Donald Trump denies any negotiations with Iran and the US maritime blockade stays fully in force. Meanwhile, OpenAI is opening a price war with Anthropic: the company is temporarily offering 50% off its newest model while its quarterly loss rises sharply. Rising yields on long-term US government bonds are adding to pressure on stock markets.

In short:

• Brent crude oil holds at $91 per barrel due to the ongoing US blockade of Iran.
• OpenAI temporarily halves the price of GPT-5.6 Sol, but the quarterly loss rises to $12.3 billion.
• Yields on 10- and 30-year US government bonds reach new highs, putting pressure on stocks.

Iran blockade keeps oil price high

Trump denies that talks are under way with Iran, which means the US maritime blockade remains in full force. That keeps the oil price elevated: Brent trades around $91 per barrel and geopolitical tension continues to put a floor under energy prices for the time being.

The persistently high oil price is feeding through to bond markets. Both yields on 10- and 30-year US government bonds reach new annual highs. Equity investors are becoming increasingly sensitive to those rising long-term yields, which adds to macroeconomic pressure. Market watchers are looking ahead to the speech by Fed candidate Kevin Warsh at the Jackson Hole symposium at the end of August.

OpenAI halves prices as losses mount

OpenAI is offering 50% off GPT-5.6 Sol until 18 September through OpenRouter and Vercel AI Gateway. According to research firm SemiAnalysis, token volume is doubling as a result, giving OpenAI an edge over rival Anthropic, which is planning to go public.

The financial figures paint a different picture. According to the Wall Street Journal, OpenAI’s revenue grew by 18% quarter on quarter in the second quarter to $6.7 billion, up from $5.7 billion a quarter earlier. Operating losses, however, widened from $9.3 billion to $12.3 billion. That combination of aggressive discounts and mounting losses is fuelling doubts among investors about the long-term return on AI investments.

IPO battle between OpenAI and Anthropic causes unease

The competitive struggle over Anthropic’s stock market listing is adding extra noise to the market. Both companies claim a strong position, but conflicting figures on token volumes and losses make it hard to assess their statements.

The combination of high oil prices, rising yields and uncertainty around AI valuations is keeping market sentiment volatile. Bitcoin, which is also under pressure from macroeconomic forces, is trading at $64K, up 0.1% over the past 24 hours. For a broader view of the Bitcoin market, see also the recent article on characteristics of a late bear market.