Overview

• Brent and WTI futures traded near seven-week highs with Brent at about $70.44 and WTI at $68.50 per barrel.
• Market participants are bracing for President Trump's expected statement on Russia that could reshape U.S. sanctions enforcement and affect global crude flows.
• The International Energy Agency reports Saudi Arabia exceeded its June production quota by roughly 430,000 barrels per day, a figure Riyadh rejects.
• U.S. Senate funding cuts have slashed Strategic Petroleum Reserve refill budgets from $1.3 billion to $171 million, reducing planned purchases by about 85%.
• Threats of 30% tariffs on goods from the EU and Mexico alongside record-high Chinese import volumes are amplifying demand uncertainty and fueling diesel shortfall concerns.