U.S. EIA motor gasoline implied demand for the week to Aug. 7: 9.817 mln b/d, down from 9.838 mln b/d the prior week.

The Baltic Dry Index (BDI) fell for a third straight session, down 107 points (3.5%) to 2,939, after Capesize and Panamax rates weakened while Supramax/Ultramax rates ticked up. The Capesize index (BCI) slid 289 points (-5.8%) to 4,712; Capesize daily earnings dropped $2,619 to $39,237. The Panamax index (BPI) fell 10 points (-0.4%) to 2,302, ending a ten-session gain; Panamax daily earnings fell $97 to $20,716. The Supramax/Ultramax index (BSI) rose 3 points (0.2%) to 1,603. The Handysize index (BHSI) eased 3 points to 867. The BDI had reached its highest level since June 3 on Friday.

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.