The International Energy Agency on July 7 said global natural gas consumption is projected to fall 0.5% this year—about 20 billion cubic meters—citing reduced Middle East supply and price-driven demand suppression. The IEA said the US–Iran conflict has sharply curtailed LNG shipments through the Strait of Hormuz, a route that previously handled roughly 20% of global LNG flows.

Spot silver fell 3.00% intraday to $58.18/oz.

Wang Wentao said last week China and the EU held the first meeting of their Trade and Investment Consultation Mechanism and issued a joint statement, confirming a new positioning of China-EU ties as a stable, balanced, key trade partnership. He urged the Dutch government to play a constructive role within the EU to encourage reciprocal engagement with China and to manage differences through dialogue and consultation.