Framing Analysis
Brent crude futures for October delivery rose 1.22% to $83.50 per barrel and WTI futures for September advanced 1.11% to $78.15 per barrel. Reports indicate Iran published a draft plan restricting U.S. and Israeli vessels from the Strait of Hormuz while coordinating with Oman on potential route definitions, though no agreement has been announced. Separate developments include Ukraine strikes on two Russian refineries and U.S. Saudi crude imports falling to zero in July.