Sources and correspondence indicate an administrative failure at the Democratic Republic of Congo's customs platform may prevent major Congolese cobalt producers from fulfilling 1H export quotas, risking loss of part of those quotas. The disruption could hit global battery-grade cobalt shipments; at current prices up to about 20,000 tonnes of cobalt — roughly $1.1 billion — may be unable to be exported.

Allianz chief economist Ludovic Subran said US nonfarm payrolls were weak but he still expects inf to peak above 3.7% as AI, fiscal stimulus and the energy sector sustain growth, and that the Fed may have to hike in September, creating a US-Europe policy divergence. He expects the ECB not to follow up after last month’s insurance hike and warned Iran-related war scars will take time to materialize; the economy remains affected but is notably better than a few weeks ago.

Energy Intelligence reporter Amena Bakr, citing sources, said Saudi crude and product exports average about 5.8 mln bpd versus roughly 6.3 mln bpd reported elsewhere, with the higher number including previously stranded cargoes. She warned the description of a "market oversupply" is misleading and said Strait of Hormuz flows remain far from normal. Bloomberg tanker-tracking showed a six-day average to Wednesday of 6.3 mln bpd, roughly equal to the 2025 average and about 90% of February levels.