OPEC monthly report projects global oil demand at 105.94 mln b/d in 2026 and 107.88 mln b/d in 2027.

Federal Reserve Governor Waller said Tuesday's CPI and incoming data will determine policy direction, warning that if inflation remains well above the 2% target the Fed may need to raise rates in the short term. He described policy as at a crossroads and expressed concern recent reports show price pressures broadening beyond tariffs and energy — potentially signaling more entrenched, systemic inflation that would require tighter policy. If core CPI prints hot again this week, the FOMC would have to consider near-term tightening; Waller said it would take months of sustained declines in inflation data to be confident the trend is moving toward 2%.

The Russian Defence Ministry said strikes by Russian armed forces damaged port infrastructure at Chernomorsk used for military cargo transport, including storage tanks.