US Trade Representative said the USMCA has failed to deliver on reducing the US trade deficit and on expanding market access for US firms to Canada and Mexico.

Sources: With ample supply and increased competition, Russian Urals crude at Indian ports has narrowed its discount to Brent to under $7/bbl.

A June 30 report says Saudi Arabia, Oman and Qatar are engaging in direct talks with Iran alongside US‑Iran negotiations. Citing a decline in US credibility, Gulf states are recalibrating ties. After a US‑Iran memorandum, Iran and Oman held a first meeting on management of the Strait of Hormuz. Follow‑up talks are planned between Oman and Qatar, Iran and Saudi Arabia, and Qatar and Saudi Arabia to outline post‑conflict coexistence. Discussions focus on Strait of Hormuz navigation arrangements and potential economic incentives Gulf states might offer Iran in exchange for security concessions. These talks are concurrent with but independent from US‑Iran negotiations.