On July 4 in Stockholm, China foreign minister Wang Yi met Jacob Wallenberg, chairman of the board of Sweden's Yinruida Group.

Iraq's cabinet authorized Basra Oil Company to sign a consulting services contract with KBR for the Basra–Haditha oil pipeline project.

Oil prices fell across the board after a US-Iran peace deal freed substantial crude supplies that demand cannot absorb. Less than three months ago global physical crude benchmarks hit record highs, and until weeks ago industry executives warned inventories were at extremely low levels amid the Iran crisis. Analysts from Morgan Stanley to Goldman Sachs this week warned of a risk of supply overhang next year; Energy Aspects head of oil research Kit Haines said market sentiment is overwhelmingly bearish. Persian Gulf suppliers had begun ramping shipments before the June MOU reopening the Strait of Hormuz, and in the weeks after the deal more than 60 mln barrels of oil that had been trapped by the war flowed into the market.