Marex flagged sharp oil volatility in July as US-Iran tensions rose; ICE Brent settled at USD 71.57 on July 1, briefly topped USD 100 on July 23.
Houthi embargo on Saudi shipments via Bab al-Mandab forced longer routes, adding up to 25 days, lifting freight costs, complicating crude export logistics.
US SPR fell to a 43-year low; inventories dropped 3.8 million barrels to 307.65 million as releases, exports, 97% refinery runs supported supply.
PJM faced reform pressure; FERC signaled possible intervention by end-September as capacity auction cleared with a 6.8 GW shortfall.
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