The IMF, the World Bank (WB), and the International Energy Agency (IEA) are warning of risks to fuel supply security during the peak summer months of demand if oil transport through the Strait of Hormuz does not return to normal.

“Global oil inventories are declining at a record pace in response to the severe loss of cross-Strait supplies,” the heads of the three institutions said in a joint statement.

Meanwhile, according to the New York Post, the United States and Iran have never been closer to finalizing a memorandum of understanding. Some US administration sources say it's unclear when the agreement will be finalized. The Iranian funds frozen in Qatar are among the last remaining unresolved issues.

In the evening, Trump had convened the Situation Room but no final decision came from Washington.

(Unioneonline)

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