UK prime minister candidate Burnham said he will ensure the defence investment programme receives full funding.

A Bloomberg survey shows OPEC crude output rose 2.34 mln b/d in June to 18.75 mln b/d as a U.S.-Iran peace accord enabled members to resume exports via the Strait of Hormuz. Kuwait, Saudi Arabia and Iran posted the largest gains. Tanker-tracking data indicate Gulf producers had already been clandestinely moving cargoes through the strait before the accord; the strait was almost closed in the early stages of the conflict. With the agreement allowing more open transits, Saudi shipments have recovered to about 90% of normal. After adjusting for the UAE’s exit, OPEC’s June output remained 7.3 mln b/d below February levels, a 28% decline.

South Korea's Samsung SDI will invest 16 trillion won in R&D for next-generation batteries.