According to data released by the Shanghai Aviation Exchange and the US Energy Information Administration, US commercial crude oil inventories excluding strategic reserves fell by 7.167 million barrels to 405 million barrels for the week ending July 24, 2026, a decrease of 1.74%. US domestic crude oil production decreased by 20,000 barrels to 13.7.96 million b/d, crude oil exports increased by 114,000 b/d to 3.467 million b/d, and imports by 5.683 million b/d, a decrease of 123,000 b/d from the previous week. The average four-week supply of crude oil products was 20.317 million b/d, down 2.33% from the same period last year. US President Trump suddenly decided to suspend the two-week air strike operation last Saturday. The US military believes that the bombing has reached the limit of effectiveness and can hit fewer and fewer targets. Chairman of the Joint Chiefs of Staff Admiral Kane expressed concern about the consumption of air ammunition reserves. On Monday, Trump said that the US and Iran are in talks, and that there is a high possibility that some kind of outcome will be reached. The Iranian side said that the two sides are still conveying information through mediators, and Iran has not abandoned diplomatic channels. As long as Trump unilaterally announces the suspension of military operations, Iran will also stop its own attacks, and the risk premium for a geopolitical war will rise sharply. Brent crude oil futures fell sharply this week. It was reported at $88.18 per barrel on Thursday, down 11.82% from July 23. VLCC tanker freight rates in the global crude oil transportation market continue to rise. Freight rates in China's imported VLCC transportation market have risen sharply. On July 30, China's imported crude oil composite index released by the Shanghai Shipping Exchange reported 4887.43 points, up 16.5% from July 23.

According to data released by the Shanghai Aviation Exchange and the US Energy Information Administration, US commercial crude oil inventories excluding strategic reserves fell by 7.167 million barrels to 405 million barrels for the week ending July 24, 2026, a decrease of 1.74%. US domestic crude oil production decreased by 20,000 barrels to 13.7.96 million b/d, crude oil exports increased by 114,000 b/d to 3.467 million b/d, and imports by 5.683 million b/d, a decrease of 123,000 b/d from the previous week. The average four-week supply of crude oil products was 20.317 million b/d, down 2.33% from the same period last year. US President Trump suddenly decided to suspend the two-week air strike operation last Saturday. The US military believes that the bombing has reached the limit of effectiveness and can hit fewer and fewer targets. Chairman of the Joint Chiefs of Staff Admiral Kane expressed concern about the consumption of air ammunition reserves. On Monday, Trump said that the US and Iran are in talks, and that there is a high possibility that some kind of outcome will be reached. The Iranian side said that the two sides are still conveying information through mediators, and Iran has not abandoned diplomatic channels. As long as Trump unilaterally announces the suspension of military operations, Iran will also stop its own attacks, and the risk premium for a geopolitical war will rise sharply. Brent crude oil futures fell sharply this week. It was reported at $88.18 per barrel on Thursday, down 11.82% from July 23. VLCC tanker freight rates in the global crude oil transportation market continue to rise. Freight rates in China's imported VLCC transportation market have risen sharply. On July 30, China's imported crude oil composite index released by the Shanghai Shipping Exchange reported 4887.43 points, up 16.5% from July 23.