Why did Hollywood abandon Venice and Cannes, the festivals that for a decade were the gateway to the Oscars?

Major Hollywood studios have stepped back from premier European film events like the Venice and Cannes festivals, causing these festivals to lose their traditional role as key arbiters of the Oscar awards season. This shift in the relationship between Hollywood and the prestigious European festivals became evident with developments involving filmmaker Alejandro González Iñárritu.

Simultaneously, international energy markets experienced fluctuations as Brent crude oil prices fell below 100 dollars per barrel, trading around 99.8 dollars after dropping approximately 2.5 percent. This decline followed a French proposal to European nations and members of the International Energy Agency to release 100 million barrels of crude reserves.