UK to lead a European initiative to boost funding for deep precision-strike capabilities. Under the initiative, allies will invest $50 billion over the next 10 years to develop those capabilities.

Energy: 1. Kazakhstan plans to extend its fuel export ban until May 2027. 2. International Energy Agency (IEA): Global natural gas consumption is expected to decline by 0.5% this year. 3. Vitol Energy plans to open an office in Venezuela, betting on the continuation of the US-Venezuela oil agreement. 4. The EIA lowered its price forecasts for WTI and Brent crude oil for this year and next, predicting that the oil market will return to a surplus next year. 5. Sources: Saudi Arabia plans to expand its Red Sea oil pipeline, bypassing the Strait of Hormuz and increasing its daily capacity by 2 million barrels. 6. Abu Dhabi National Oil Company (ADNOC): Deepening its energy security partnership with South Korea through long-term crude oil supply and storage cooperation. Precious Metals and Mining 1. Uzbekistan's gold reserves rose to 13.9 million troy ounces in June. 2. Workers at BHP Billiton's largest iron ore export port will strike on July 16. 3. Sources: The premium for aluminum delivered in Japan from July to September is set at $395/ton, up 12%-13% from the previous quarter. 4. China's gold reserves increased by approximately 14.93 tons month-on-month at the end of June, reaching approximately 2346.446 tons, marking the 20th consecutive month of gold purchases. 5. The US Department of Defense is seeking to purchase approximately 16,000 tons of battery-grade lithium carbonate over the next five years, with contracts valued at up to $300 million. Iran Situation: 1. Three merchant ships were attacked this week. The Joint Maritime Information Center (JMIC) has raised the maritime security threat level in the Strait of Hormuz to "serious." 2. The US revoked a general permit authorizing the sale of Iranian oil; related final transactions will be allowed to continue until midnight Eastern Time on July 17. 3. The Iranian Foreign Ministry stated that some merchant ships were sailing without coordination and had turned off or tampered with AIS signals, hindering safe navigation in the Strait of Hormuz. It urged regional countries and shipping companies to avoid any actions that violate the memorandum. 4. U.S. Central Command: The U.S. has completed a new round of strikes against Iran. This unprecedented strike involved bombing over 80 targets, including air defense systems, command centers, and anti-ship missile sites, and destroying more than 60 Iranian small speedboats. 5. Iranian Revolutionary Guard: A joint missile and drone operation destroyed 85 key U.S. military installations in the port of Salman, the Fifth Fleet base in Bahrain, and the Ali Salim Air Base in Kuwait. It also shot down an enemy MQ-9 drone attempting to intervene in the operation.

The commander of the Ukrainian drone force stated that Ukrainian drones had attacked eight Russian "shadow fleet" oil tankers in the Sea of Azov.