US Q2 nonfarm unit labor costs preliminary 1.3% vs 2.1% expected; prior 1.80% revised to 1.3%.

Refinitiv, citing five sources, said that after President Trump’s July 28 threat to strike Iran’s energy network and infrastructure, Iran conducted high-level diplomatic outreach warning Gulf states any new U.S. military action would prompt Iranian retaliation against regional energy facilities and U.S. assets. Iranian deputy foreign minister Araghchi spoke with the foreign ministers of Saudi Arabia, Turkey and Qatar and with Pakistan’s army chief, urging Gulf partners to use their influence to dissuade Washington. Saudi Crown Prince Mohammed bin Salman urged Trump to delay military action. Qatar, Oman and Saudi pressed the U.S. to resume talks with Tehran to avoid renewed conflict. On Aug. 2, Trump said he agreed to call off the attack plan “provided a deal could be reached quickly.”

A Petrobras top executive said refinery utilization was slightly below 100% in July and fell to 98% in August.