Iran has begun talks with Japanese firms to sell oil, three Iranian and Western sources said. Potential buyers are seeking longer US sanctions waivers and guarantees on secure shipping in the Gulf. In June the US approved limited purchases of Iranian

Tokyo-based Kioxia has started delivering samples of a next-generation, high-storage-density 3D flash chip to AI data center operators as it competes for share in the higher-margin data-center market, the company said on Friday. The chip features a 332-layer stack and is aimed at improving storage density, data throughput and energy efficiency for data-center SSDs. Production will be ramped at a new facility in Kitakami, Iwate Prefecture, to increase capacity for rising demand from AI service providers. Kioxia said it will also expand output of lower-cost ninth-generation scalable-bit-cost chips alongside its tenth-generation products.

Energy: 1. German government documents show that Germany will launch a plan to accelerate the expansion of its power grid by the end of 2026. 2. Market news: Sources say Saudi Aramco has increased exports from Ras Tanura port and shifted to spot sales. 3. International Energy Agency Executive Director Fatih Birol: I am pleased to announce that Nigeria has officially joined the International Energy Agency. 4. Saudi crude oil exports are nearing pre-war levels; Saudi Arabia exported 6.3 million barrels per day in the six days ending Wednesday. 5. India's Petroleum Minister says lessons have been learned and fuel reserves will be increased. 6. Indian Foreign Secretary: India and Japan have agreed to cooperate on strategic reserves and reserve mechanisms for crude oil and petroleum products. 7. Sources: Kuwait's crude oil production averaged 1.65 million barrels per day in June, compared to 578,000 barrels per day in May. Kuwaiti crude oil production rose to 1.9 million barrels per day in the last 10 days of June. 8. Sources: Russian crude oil exports through western ports rose to a record 3 million barrels per day in June. 9. One of Texas's oldest oil fields is nearing depletion. 10. Brazil's Planning Minister: Oil export taxes may be eliminated or reduced to below 12% this month. Diesel subsidies will be phased out more slowly than gasoline subsidies to avoid drastic price fluctuations and supply risks. 11. Canadian Prime Minister Carney: Canada and British Columbia have reached an agreement to maintain the federal "North Coast Tanker Ban." Meanwhile, the federal government will accelerate the construction of new LNG projects, aiming to triple LNG production within the next decade. 12. Alberta Provincial Government: Design and construction of a new West Coast oil pipeline will begin as early as September 1, 2027. 13. Russia takes measures to stabilize domestic fuel supplies. 14. Citigroup: Oil prices may fall to $60 per barrel as the Strait of Hormuz crisis subsides. 15. UBS: Lowered its Q3 and Q4 Brent crude oil price forecasts to $80 per barrel. It also lowered its 2027 average Brent crude oil price forecast to $75 per barrel. Precious Metals and Mining: 1. The Central Bank of Turkey launched a week-long "gold for lira" sell-side swap auction using traditional methods, involving 6 tons of gold. 2. Citigroup: Current aluminum prices do not present an attractive shorting opportunity. Aluminum prices are expected to bottom out and rebound in the next month, rising to $3300-$3500 per ton between September and December. Agriculture: 1. Indian Trade Minister: The government recognizes the potential for difficult times ahead due to the potential impact of the El Niño climate system. India's rice and wheat reserves are sufficient to last until next year. 2. World Meteorological Organization: El Niño is expected to intensify rapidly and exacerbate the risk of extreme weather. Situation in Iran: 1. According to trade sources and shipping data, at least five very large crude carriers (VLCCs) have loaded a total of 10 million barrels of Saudi crude oil from Saudi Arabia's Ras Tanura port and have sailed out of the Strait of Hormuz. 2. Major European countries now believe that imposing passage fees on the Strait of Hormuz is inevitable. 3. The US has warned Iran that changing the status quo in the Strait of Hormuz would be considered a violation of the agreement.