UBS said today’s US CPI report was broadly in line with expectations and consistent with its prior view that US inflation peaked in May and is slowly declining, though the slowdown may be uneven.

US–Iran talks have effectively collapsed and the Strait of Hormuz remains closed; Iran is using control of the strait as a bargaining chip, so transit is unlikely to be relaxed until there is a substantive improvement in Middle East geopolitics. Monitor strait navigation, Iranian plant run-rates and shipments for supply shocks. Trade bias: watch for buy-the-dip and cash-and-carry arbitrage opportunities. On costs, cooling from mid–late August should cap any coal rebound, keeping cost pressure broadly soft.

阿曼环境署：正在监测阿尔基布利亚岛附近船只搁浅后的油污。油污可能在未来几小时内抵达马西拉岛海岸。