OCBC Group Research cut its quarterly Brent forecasts through Q2 2027 after shipping and crude flows in the Strait of Hormuz rebounded following a US‑Iran memorandum of understanding. OCBC said market expectations of supply normalization have pushed prices back toward pre‑conflict levels and rekindled supply‑glut concerns. Revised Brent forecasts: 2026 Q3 $75/bbl (prev. $85), 2026 Q4 $75/bbl (prev. $80), 2027 Q1 $73/bbl (prev. $75), 2027 Q2 $71/bbl (prev. $75).

港股光通信板塊持續下探，劍橋科技(06166.HK)跌超23%，長飛光纖光纜(06869.HK)跌超21%，華虹宏力(01347.HK)、藍思科技(06613.HK)等跟跌。

Russian presidential spokesman Dmitry Peskov said on July 2 that Chief of the General Staff Valery Gerasimov briefed President Putin on the results of large-scale retaliatory strikes on Kyiv and other locations; Peskov said the strikes targeted military or quasi-military facilities. The Ukrainian air force said it recorded 74 missiles and 496 drones launched by Russia between 18:00 on July 1 and the early hours of July 2, including four Zircon hypersonic cruise missiles, and reported 17 dead and more than 90 wounded. The Russian defence ministry said the strikes, launched in response to alleged Ukrainian attacks on Russian civilian infrastructure, hit military‑industrial and energy facilities in Kyiv city and region and military airfields elsewhere; it said Russia’s air defences intercepted and destroyed 327 Ukrainian drones between 20:00 on July 1 and 07:00 on July 2 Moscow time.