Barclays sees upside risk to its oil-price forecasts, conditional on how long the Strait of Hormuz standoff continues.

Axios reports the US and UK plan to convene an international meeting on the Strait of Hormuz.

At the SCO foreign ministers' meeting in Kyrgyzstan on July 24, Iranian foreign minister Araghchi said Iran remains committed to its principles, will not be intimidated or yield to threats, will not tolerate what he described as false statements, and will continue actions until its objectives are met and the Iranian people's legitimate demands are satisfied. He added Tehran and Washington are still exchanging messages via intermediaries and can understand each other's positions, but said the core problem is that the US continues to act with a bullying, coercive logic.