U.S. EIA reformulated gasoline (RFG) stocks for week to July 31: 0 barrels; prior 0 barrels.

The UN Food and Agriculture Organization warned prolonged Middle East and Russia-Ukraine conflicts, El Nifio-driven crop declines and rising input costs could trigger a new round of global food-price inflation. FAO flagged rising oil, fertilizer shortages in the Gulf, diesel shortfalls and extreme weather as near-term cost drivers and said Strait of Hormuz disruptions would hit agricultural inputs and logistics — Brent supports pumping, processing and transport while natural gas is central to fertilizer production. FAO chief economist Maximo Torero said commodity prices are beginning to rise and expects food prices to start increasing by year-end, with larger gains next year; pass-through to consumer prices typically takes about three to six months.

Fed's Kashkari said he would rather take small steps now than wait.