U.S. President Trump said energy prices have fallen sharply.

Putin said Russia is prepared to hold peace talks with Ukraine under the "Istanbul-2022" framework.

Energy: 1. Iraqi oil officials: Production from the southern oil fields will be increased to approximately 2.1 million barrels per day. Production from the Rumaila oil field will be increased to approximately 1.1 million barrels per day. 2. Sources: Due to weak demand and anticipated increased supply, the price of Russian ESPO blend crude oil for July-August delivery has fallen to the same level as ICE Brent crude. 3. Iraq's National Oil Marketing Organization (SOMO): Exports of Kirkuk crude oil via the northern route have increased from 4 million barrels per month to nearly 7 million barrels per month. 4. The US Department of Energy will provide a $17.5 billion loan to accelerate the construction of large nuclear reactors. 5. Russian Deputy Prime Minister: Considering a ban on diesel exports; fuel reserves are being used. 6. CEO of Petrobras (Brazil's state-owned oil company): Production from January to May increased by 10% compared to the same period last year. 7. The UK issued an energy supply warning; high temperatures are putting increased pressure on the power grid. 8. South Korean Ministry of Oceans and Fisheries: Some South Korean ships are leaving the Strait of Hormuz. 9. Goldman Sachs: Diesel margins in the US and Europe are expected to fall to $46 and $31 per barrel respectively by Q4 2026. Gasoline margin forecasts for the US and Europe remain unchanged at $23 and $13 per barrel respectively for Q4 2026. 10. Sources: India's domestic coal usage in its coal-based power plants is approaching 50%. 11. According to the Financial Times: Qatari Prime Minister Sheikh Mohammed expects the country to resume normal liquefied natural gas (LNG) production within weeks. 12. President of JERA, Japan's largest power company: Increased use of coal-fired power plants in emergencies can reduce reliance on expensive spot LNG purchases and help stabilize electricity prices. 13. Trump angrily denounces oil companies for "ripping off" customers: Oil prices are falling too slowly and too little; the Justice Department should investigate! Precious Metals and Mining: 1. Norilsk Nickel: Russian palladium production is expected to resume growth in 2027, reaching approximately 2.7 million ounces. 2. A sell-off in Wall Street tech stocks exacerbated pressure on the gold market, with prices briefly falling below $4,100 in early Asian trading. 3. Industrial and Commercial Bank of China (ICBC): Suspended its agency business for personal precious metals auction trading on the Shanghai Gold Exchange. 4. Reserve Bank of India Governor: Gold in foreign exchange reserves is for security and liquidity needs. Iran Situation: 1. Oman coordinated with the International Maritime Organization to open a temporary passage in the Strait of Hormuz. 2. The US Senate passed a resolution demanding that Trump end the war against Iran. 3. Trump: Agreed to allow the Strait of Hormuz to remain open and to end the maritime blockade. Other: 1. US Treasury Secretary: US economic policy will strengthen supply chain resilience to mitigate risks to critical materials.