The PBOC said in its Q2 2026 China Monetary Policy Implementation Report that Middle East tensions lifted international oil and commodity prices and pushed up inflation in major economies, and recent monetary policy moves or shifts abroad could spill over to the global economy and financial markets. As of end‑July, the ECB and BoJ have tightened while the Fed has kept rates unchanged but signalled hawkishness; the PBOC expects this round of major central bank policy adjustments to be relatively

US July housing inflation, not seasonally adjusted, YoY 3.2% vs 3.3% prior.

Saudi Arabia told OPEC a temporary ceasefire window in the Iran conflict allowed Gulf producers to restore flows, lifting its July crude output by more than 1 MBD to 8.2 MBD from 7.1 MBD in June. Saudi production remains several million b/d below pre-conflict levels. The IEA estimates Saudi domestic crude stocks rose by early August to at least their highest since 2016. The U.S.-Iran ceasefire has collapsed and renewed hostilities heighten risk to two key export routes—the Strait of Hormuz and Bab al-Mandeb—though Middle Eastern producers are still quietly exporting large volumes. Among seven OPEC members reporting directly to the secretariat, combined output rose 1.88 MBD, with most of the increase from Iraq and Saudi.