U.S. crude futures settled at $71.41 a barrel, down $0.67 or 0.93%.

Russia's decision this week to ban diesel exports has roiled global energy markets, exacerbating diesel shortages and driving prices soaring, even affecting countries that no longer purchase the fuel from Moscow. Diesel accounts for the largest share of global oil consumption, and its price surge could have repercussions for the global economy due to its wide range of uses—from industrial machinery and agricultural equipment to heavy transport and power generation. According to Kpler data, Russian diesel and crude diesel loadings averaged only 234,000 barrels per day from July 1 to 10, down from 400,000 barrels per day in June and the projected 817,000 barrels per day by 2025. Gulf oil consultant Tom Kloza stated that renewed conflict in the Middle East, coupled with Russia's halt to diesel exports and a shocking report from the U.S. Energy Information Administration (EIA), has squeezed distillate sellers out of the market. Vortexa analyst Mick Strautman stated that reduced Russian diesel exports mean less available global supply, forcing regular customers like Brazil and Turkey to compete with European countries and other importers for U.S. supplies. This could have ripple effects on the power and agricultural sectors. If Turkey retains its own production for domestic use, the Mediterranean region will lose a source of diesel fuel for power generation during the peak summer electricity demand period. Rising diesel prices also mean that farmers' operating costs could increase before the Southern Hemisphere planting season and the Northern Hemisphere harvest season – farmers in Brazil and the US Midwest will compete for the same supplies. Chillin Tam, head of refining at consulting firm FGE NexantECA, said that when the Strait of Hormuz was blocked, the US became the EU/UK's preferred diesel supplier, but now every barrel it sends to Latin America means one less barrel sent to Europe. And this is happening at a time when diesel inventories in the US and the ARA region (Amsterdam-Rotterdam-Antwerp) are already far below historical levels for this time of year.

Ukrainian President Zelenskiy said Ukraine will form rapid-response forces combining assault units and drone units.