API: U.S. refinery crude runs +34,000 b/d in week to July 3; prior +76,000 b/d.

Iran’s foreign ministry condemned the US Treasury’s revocation of suspended sanctions on Iranian oil sales, saying the move severely violated Article 10 of the June 18 Islamabad Memorandum of Understanding and holding the US responsible for consequences. Tehran said Washington rescinded a June 21 license less than 20 days after the memorandum was signed, accusing the US of acting in bad faith and of multiple memorandum violations over the past 20 days through direct actions or via Israel in Lebanon. Iran said it has complied in good faith and warned that if the US continues to breach the agreement it will take all measures it deems necessary to protect national interests and security.

Philippine finance minister says he hopes to sign a Pax Silica framework agreement with the United States within the year.