API: US gasoline stocks rose 1.238 mln barrels in the week to June 19, versus market expectations for a 350,000-barrel draw; prior week's build was 2.479 mln barrels.

The Federal Reserve Bank of Dallas estimates in a new study that a recent spring oil surge above $120/bbl reduced U.S. output by roughly 0.3 percentage point, far less than similar shocks in the 1980s when U.S. oil import dependence was higher. A U.S.-backed war on Iran cut about 15% of global oil supply, disrupted Strait of Hormuz shipping, roiled commodity markets, pushed prices higher, caused regional shortages and weighed on overall demand.

Riksbank Deputy Governor Sem said if the Strait of Hormuz reopens, cost pressures could ease significantly, lowering the likelihood the bank will need to take action.