Refinitiv survey shows Saudi Arabia is likely to cut August official selling prices (OSPs) to Asia to four-month lows as Middle East spot crude falls sharply amid rising supply. Arab Light OSP for August is forecast at $1.5–3/bbl over the Dubai/Ahman

MSCI Asia Pacific index extends losses to 3%.

Domestic News: 1. The National Development and Reform Commission and the National Energy Administration issued a notice on the "15th Five-Year Plan for the Construction of a New Energy System." 2. The State Administration for Market Regulation held its second symposium on fair competition for enterprises in 2026. 3. Ding Xuexiang attended the opening ceremony of the 9th China-Eurasia Expo and met with foreign dignitaries. 4. Premier Li Qiang held talks with Bangladeshi Prime Minister Tariq, who was on an official visit to China, at the Great Hall of the People in Beijing. 5. The scheduled disclosure dates for the 2026 semi-annual reports of listed companies on the Shanghai Stock Exchange have been released. China Shipbuilding Special Gas Co., Ltd. is the first to disclose its semi-annual report, scheduled for July 18. International News: 1. Micron's market capitalization briefly surpassed that of Meta and Tesla, two of the "Seven Sisters" of the OPEC+ alliance. 2. Apple raised prices for several products, including Macs and iPads, but not iPhones. 3. The Iraqi Ministry of Oil denied considering withdrawing from OPEC. 4. IBM released 0.7-nanometer chip technology, which can improve energy efficiency by 70%. 5. Vietnam will launch a carbon emissions trading pilot program next week, lasting until the end of 2027. 6. The UK will reduce its steel import quota by 51% from the originally planned 60%. 7. The US May PCE annual rate broke the 4% mark for the first time in three years, and the first-quarter GDP growth rate was revised upward from 1.6% to 2.1%. Middle East Situation— ① Iran's Revolutionary Guard warned that uncoordinated crossing of the Strait of Hormuz is "unacceptable and dangerous." ② Israeli officials denied reports of withdrawing troops from parts of the southern buffer zone of Lebanon. ③ Rubio: Establishing a toll system in the Strait is not feasible; he is close to facilitating an agreement between Israel and Lebanon. ④ US Energy Secretary Wright: Iran's daily crude oil exports are expected to reach a maximum of 2 million barrels.