TASS reported the Kremlin said Russia has no need to escalate militarily in Ukraine, saying its forces have made local progress.

SK Group plans to sell 49% of its Ulsan artificial intelligence data center to private equity investors. SK Telecom and SK Broadband plan to approve the transaction at board meetings on Aug. 27. KKR is to acquire 29%; a consortium of IMM Investment and Stonebridge Capital will take 20%. The deal values the asset at about 3 tln won, including roughly 1.2 tln won of capital injection.

Energy 1. US media: US diesel inventories fall to record low for this time of year. 2. Iraq tenders for crude oil shipments outside the Strait of Hormuz. 3. Saudi Arabia adjusts oil transportation amid Houthi threats, leading to a surge in Persian Gulf shipping activity. 4. European natural gas reserves are running low; prices may exceed €100 this winter. 5. Thailand plans to increase the proportion of renewable energy and introduce nuclear power in its power planning. 6. According to IRNA: Iran and Gazprom discuss cooperation in the natural gas industry. 7. Kuwait and Qatar increase crude oil exports through the Strait of Hormuz, with export volumes recovering to 70% of pre-conflict levels. 8. EIA report: US strategic petroleum reserves decreased by 3.7 million barrels to 289.7 million barrels in the week ending August 21, a decrease of 1.26%; US crude oil exports decreased by 274,000 barrels per day to 3.792 million barrels per day. 9. Market News: Sources say the Caspian Pipeline Alliance (CPC) blended crude oil exports are expected to reach 1.5 million barrels per day in September, compared to 1.5 million to 1.6 million barrels per day in August. Agriculture/Mining 1. Zinc prices rose for the seventh consecutive day, driven by tightening supply. 2. The US eased import quotas on some beef products to lower prices. 3. Black Sea exports were hampered, and CBOT wheat futures hit a near three-year high. 4. The US Treasury Department issued a general license related to Russia, authorizing transactions related to the import of certain prohibited Russian diamonds. 5. South Africa's wheat production this year is likely to be the lowest since 2019, with government agencies predicting a 7.5% decline compared to last year. 6. The Governor of the Central Bank of Uzbekistan said he hopes to sell gold at favorable price levels. However, the central bank has not yet decided to change its reserve structure, and meetings with international asset management institutions are unlikely to lead to this change. Iran Situation 1. The US Energy Secretary said Washington prefers a diplomatic solution to the Iranian issue. 2. Shipping traffic in the Strait of Hormuz picked up slightly on Wednesday, while traffic in the Bab el-Mandeb Strait slowed. 3. Sources: The U.S. Department of Justice is preparing to invoke a long-dormant maritime war tribunal to streamline the process of seizing Iranian oil tankers as "trophies." 4. Trump: There is "no timetable" for when Iran will return to negotiations; I'm not in a hurry. The Strait of Hormuz is functioning normally, and large amounts of oil are flowing out. 10 million barrels of oil left the Strait of Hormuz yesterday.