BNY notes Crude Oil prices remain elevated as doubts over a U.S.–Iran deal heighten supply concerns. The IEA reports global Oil markets tightened further in July, with demand, supply, refining runs and inventories all affected by geopolitical disruptions and high fuel prices. IEA flags tighter global balances"The IEA has said that global oil markets tightened further in July, with demand, supply, refining runs and inventories all hit by renewed geopolitical disruptions and high fuel prices." "Supply rose to 101.5 million b/d in July but remained well below year-earlier levels, with Gulf output still largely shut in; Q3 supply was also down substantially." "Refinery crude throughputs climbed to 80.9 million b/d in July but remained nearly 5 million b/d below last year’s levels, with further cuts to Q3 runs expected."