Wells Fargo cuts PT on Arm (ARM.O) to $350 from $410.

Brent crude rose 4.1% to $94.72/bbl in European morning trade, a near seven-week high, while WTI gained 4.1% to $87.78, after Trump downplayed the likelihood of immediate talks with Iran. Market sources said transits through the Strait of Hormuz have fallen sharply and many tankers are rerouting via the Bab el-Mandeb. Reported attacks on tankers at Black Sea ports prompted the Caspian Pipeline Consortium to suspend shipments from Kazakhstan and stop receiving Kazakh crude. ING said Brent slightly above $91 looks undervalued given renewed Persian Gulf supply disruptions, Red Sea risks to Saudi exports and Black Sea developments, especially if outages persist into August.

Singapore Prime Minister's Office announced the Ministry of Trade will be renamed the Ministry of Energy, Trade and Industry.