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IEA monthly report: Gulf supply in July was 8.3 mln bpd below pre-war levels.

Japanese Prime Minister Takaichi held a fourth phone call with Iranian President Pezeshkian, urging rapid de‑escalation as tensions around the Strait of Hormuz enter a critical phase. Takaichi said Iran is communicating with relevant states about keeping the strait open and stressed the importance of easing military tensions and defusing the situation promptly. Japan urged the US and Iran to consult under their memorandum of understanding and seek a final agreement, including on nuclear issues, as soon as possible. Tokyo emphasized the need for free, secure navigation of the Strait of Hormuz without additional costs, asked Iran to engage fully with the international community including strait users, and requested Iran press the Houthis to exercise greater restraint. Japan also flagged energy‑security concerns over recent developments in the Bab al‑Mandeb.