Ukraine's military said Ukrainian forces struck Russia's Ilsky and Sezlan oil refineries, causing fires.

Fox News reported US Vice President Vance said Iran has notified the US that, despite statements by regime insiders about imposing transit fees on passage through the Strait of Hormuz, Tehran will not impose such fees.

Markets expect US CPI, after June's -0.4% MoM, to rise 0.1% MoM in July. Core CPI ex-food and energy is forecast +0.2% MoM and +2.5% YoY, the smallest YoY gain since February. Following Friday's weak July nonfarm payrolls, slower inflation could help ease Fed inflation concerns; three officials voted to raise rates at the July 29 meeting. The report may show energy-price pressure has cooled after surging in the months following late‑February US‑Iran hostilities; retail gasoline fell to a near four‑month low in early July before rising above $4/gal by month‑end. It may also show airfares declined as jet‑fuel costs stabilized.