Bessent Says Oil Moving to Land Pipelines, Not Hormuz; Germany Blames Russia for Leipzig Drone Plot

Treasury Secretary Scott Bessent said oil will be going on land pipelines, not via Hormuz, a shift that could reduce the Strait of Hormuz chokepoint dependence and re-rate oil logistics. The statement arrived amid confirmation of major U.S. strikes near the waterway, keeping energy supply routes and the direct supply threat near the strait in focus.

German Interior Minister said Russia was involved in the attempted drone attack on a Ukrainian cargo plane at Leipzig/Halle Airport, and European Commission President Ursula von der Leyen said the EU stands in full solidarity with Germany. The incident matches the model of Russian operations in Europe and forms part of broader Russian hybrid attacks, according to the German interior minister. Von der Leyen said foreign ministers will prepare the matter, including potential additional sanctions, at their upcoming meeting, and she will discuss the attack with NATO Secretary General Mark Rutte.

Russia called Germany's sanctions over the Leipzig allegations an unprecedented escalation and said they will not go unanswered, signaling counter-escalation and sustaining a geopolitical premium for European assets and safe-haven gold.

On US import flows, US-bound vessel volumes from China rose 3% week-on-week and 10% year-on-year. Port of Los Angeles TEUs are expected to fall 15% next week after an 11% weekly increase, before rebounding 28% the following week. West Coast trucking activity weakened through July and August, though LA imports still point to year-on-year growth and the latest trucking loads rose 6% week-on-week, while trade uncertainty remains high.

Separately, an analysis suggested Microsoft's stock could rally another 20% even after a summer winning streak.