U.S. EIA refinery output fell 42,000 b/d in the week to June 26, versus a 55,000 b/d rise in the prior week.

Iran deputy foreign minister Gharibabadi led a delegation to Doha and met Qatari prime minister and foreign minister Mohammed to discuss implementation of the US‑Iran memorandum, including removing obstacles to a ceasefire in Lebanon. Iran, Qatar and Pakistan held tripartite talks to review execution of the memorandum. Gharibabadi said Tehran has set up a working group to follow up on implementation and to negotiate a final agreement, but formal talks have not yet started; Iran is consulting via mediators on timing and location and the group will begin negotiations only if necessary conditions are met.

Brent crude down 1.00% intraday at $72.92/bbl.