- Oil prices see little change from last week and is trading near $90
- The market may be weighing the possibility of the Iran nuclear deal being resumed
- As the U.S. considers a response to Tehran's stance on the most recent proposal, President Biden spoke with fellow Western leaders of France, Germany, and the UK in an effort to revive a deal with Iran (BBG)
- The four leaders spoke about "ongoing negotiations" toward a deal and "the need to strengthen support for partners in the Middle East region", according to a US summary of the conversation
- Iran's foreign ministry said today that it has not yet heard from the U.S. or the EU regarding the strategy to save the agreement
- A pipeline system carrying oil from Kazakhstan via Russia has been damaged, posing a new threat to Europe's energy supplies
- Caspian Pipeline Consortium (CPC) has halted oil loading from two of the three single mooring points (SPM) at its Black Sea terminal for inspections
- CPC is expected to load 1.28 MMBbl/d in August but the operator did not disclose the precise number of barrels lost due to the disruption