- Oil prices slumped as investors reacted to President Donald Trump’s claim that negotiations with Iran will begin again and the U.S. delayed fresh strikes at Gulf allies’ request.
- Iran’s foreign ministry said there is no immediate plan for direct negotiations with the U.S.; Tehran is talking with Oman about the Strait of Hormuz.
- Kuwait’s reported crude production rose to 1.971 million barrels per day in July from 1.65 million in June, supporting bearish sentiment that Persian Gulf oil flows continue despite remaining below pre-war levels.
Quotes
“there is no immediate plan for negotiations with the U.S.”