Kpler data show August-to-date Iranian crude exports fell to about 277,000 bpd, down 616,000 bpd MoM and 1,398,000 bpd YoY, while Saudi exports dropped to about 1,928,000 bpd, down 2,678,000 bpd MoM and 3,743,000 bpd YoY. Iraq and the UAE have taken market share: August-to-date exports rose to about 2,151,000 bpd and 3,579,000 bpd respectively, MoM increases of 699,000 bpd and 631,000 bpd; UAE exports are up 411,000 bpd YoY. Independent energy researcher HFI Research says Iraq’s rise reflects Ir

Oil extended intraday losses: WTI crude slipped below $82/barrel, down 3.02% on the day. Brent fell 2.6% to $88.04/barrel.

Huayuan Securities chief analyst Li Hongtao says commercial space is shifting from theme-driven to value-driven investing as reusable-rocket technologies—including Long March-10 and Zhuque-3—come online, speeding the closure of industry bottlenecks. Wenchang launch pads and a satellite mass-production “super-factory” have entered commercial operation, materially boosting launch cadence and batch manufacturing capacity. Business models are maturing: direct-to-phone connectivity and space-based compute are emerging as core demand; China’s second‑generation experimental satellite has demonstrated video calls, forming an initial commercial closed loop. Li projects China’s commercial-space market could reach trillion-yuan scale and serve as global infrastructure likened to “6G.” Primary-market funding continues to flow; Li sees long-term allocation value in the secondary market and recommends focusing on high-leverage segments such as rocket subsystems, antennas and transceivers, solar arrays, and inter‑satellite laser links.