U.S. EIA: crude oil brought online +26,000 b/d in the week to Aug. 7, prior -183,000 b/d.

At the morning session close, China's main futures contracts were mixed: fuel oil rose over 4%, polysilicon rose over 3%, low-sulfur fuel oil (LU) and lithium carbonate were up around 3%, synthetic rubber, LPG and coking coal gained more than 2%; palladium fell over 1%, while live hogs and urea were down about 1%.

The U.S. and Iran signed a 14-point memorandum of understanding on June 17 establishing a ceasefire and a 60-day window to negotiate a permanent end to hostilities. The MoU, which declared a halt to hostile acts and sought to reopen the Strait of Hormuz to commercial shipping, has shown cracks as fighting resumed and its wording remains ambiguous; both sides accuse the other of breaches. Key disputed provisions: Article 5 (Strait of Hormuz) — the text guarantees commercial freedom of passage but is contested: Tehran says it implies U.S. recognition of Iranian authority over the waterway and that Iran agreed only to two months of fee-free transit; Washington says the provision only requires Iran to ensure safe passage and to refrain from coercive restrictions or taxation. Article 10 (oil and sanctions waivers) — the U.S. agreed to grant waivers enabling Iran to export crude, petroleum products and related services, including access to international banking, insurance and shipping support. Article 11 (unfreezing assets) — the U.S. committed to make frozen funds and restricted assets fully available, with implementation mechanisms to be negotiated. With no direct diplomatic talks and limited near-term prospects for a final settlement, the MoU’s status after the 60-day deadline remains uncertain.