Germany July Ifo business expectations index 86.7 vs. 84.8 expected; June 84.1.

Iranian foreign ministry spokesman Baghaei said Iran and Oman held deputy foreign minister-level talks in Tehran on managing safe shipping in the Strait of Hormuz, which he described as productive and making some progress. He said the Omani delegation left Tehran on the 25th but technical and political consultations will continue, and that current navigation conditions in the strait remain unchanged.

Saudi shipping data show vessel transits through the Bab al-Mandeb Strait slowed over the weekend after Houthi militants attacked a Saudi tanker and threatened further strikes on vessels linked to Saudi ports. Carriers are reassessing voyage security. The Houthis have stepped up attacks on Red Sea commercial shipping, last week declaring a maritime blockade of the strait and warning firms not to load or unload at Saudi ports. Shipping data showed fewer than 10 bulk carriers transited the Strait of Hormuz over the weekend versus more than 100 merchant vessels per day before the war.