A maritime advisory said the southern channel of the Strait of Hormuz remained open to shipping on Sunday despite reciprocal US‑Iran attacks and Iran's announcement that it had closed the strait.

中國地震臺網正式測定：07月12日05時09分在內蒙古呼倫貝爾市阿榮旗發生3.8級地震，震源深度10千米。

Falling crude has not produced equivalent drops in consumer fuel costs because refined-product supplies—not crude—are tight. The 3-2-1 crack spread has jumped to a record $65/bbl, implying refiners can buy crude at roughly $71/bbl and sell finished products valued around $136. The gap reflects refinery feed shortages—firms running cautious inventories and disruptions around the Strait of Hormuz, where refiners account for over 10% of global product output—rather than raw crude scarcity. Market models that tie consumer fuel costs directly to crude risk understating near-term energy inflation. Diesel remains elevated, keeping transport costs high and sustaining upward pressure on other consumer prices; the price gap has also attracted political attention, with Trump threatening action against oil companies.