U.S. equity benchmarks closed lower on Tuesday, July 7: the Dow Jones Industrial Average fell 131.35 points, or 0.25%, to 52,924.56; the S&P 500 dropped 33.66 points, or 0.45%, to 7,503.77; the Nasdaq Composite slid 302.47 points, or 1.16%, to 25,818.69.

Geneva-based trader Vitol is preparing to open a Caracas office to expand its role in Venezuelan oil exports following the U.S.-Venezuela oil pact reached earlier this year, sources said. Vitol and other traders have exported most of Venezuela’s output this year under agreements with state oil company PDVSA; the Caracas office would initially hire about 12 staff for trading roles, a move that signals confidence the oil arrangement will continue and could create additional commercial opportunities.

Iranian media reported on the 8th that Iran's Islamic Revolutionary Guard Corps (IRGC) shot down a US military MQ-9 Reaper drone in southern Iran.