- Shell announced the closure of six oil and gas fields in the Gulf of Mexico after discovering a leak at a Louisiana booster station and halted two nearby pipelines
- That resulted in the closure of Shell’s Mars, Ursa and Olympus fields, as well as Chevron’s Jack/St. Malo, Tahiti and Big Foot fields
- The Mars and Amberjack pipelines transport roughly 500 MBbl/d of crude from the Gulf
- Today, Mars and Amberjack pipelines may resume operations after Shell confirmed the leak had been contained
- EU offers Iran a significant concession to revive the nuclear deal (WSJ)
- Diplomats offer a way to end the probe by the International Atomic Energy Agency into undeclared nuclear material found in Iran in 2019
- The EU has informed Iran and the other parties that it wants a yes-or-no answer to the negotiations by August 15
- If the U.S. and Iran can agree to revive the deal, oil sanctions relief as part of the deal could return as much as 1 MMBbl/d to the tight global market that has few options for near-term incremental supply