JPM | US Energy: Oil Falls Amid Red Sea Transits, Hormuz Crossings: 1 Ship, NYT Says Iran Denied Ceasefire, Commods Latest on Oil, China Gold Imports 2yr High, LBRT Largest Decline on Record, Politburo Preview

Research evidence excerpt

JPM | US Energy: Oil Falls Amid Red Sea Transits, Hormuz Crossings: 1 Ship, NYT Says Iran Denied Ceasefire, Commods Latest on Oil, China Gold Imports 2yr High, LBRT Largest Decline on Record, Politburo Preview

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 24 July 2026

JPM | US Energy: Oil Falls Amid Red Sea Transits, Hormuz Crossings: 1

Ship, NYT Says Iran Denied Ceasefire, Commods Latest on OIl, China

Gold Imports 2yr High, LBRT Largest Decline on Record, Politburo Pre-

view

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• Oil Falls As Red Sea Transits Continue

• Hormuz Transits Fall to 2mo Low: 1 Ship

• NYT: Iran Denied US Ceasefire Proposal

• JPM Commodities on Demand Offsetting New Disruptions

• China Gold Imports 2yr High

• Overseas Buyers Opt for US Crude > Middle East

• LBRT Sees Largest Decline On Record

• Politburo Preview

Access, Calls & Surveys:

• SAVE THE DATE: JPM Webinar - Oil Update with JPM Commodities Trading Desk on July 24, 2026 at 8:30 am ET.

Link to Register.

• SAVE THE DATE: J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The event will consist

of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value chain and a

comprehensive program of one-on-one/small group meetings with global C-suite executives representing leading Oil & Gas,

OFS, E&P, Utility, Renewable and Mining companies. Full details will follow. In the meantime, please save the date in your

calendar for this event

Brendan’s Brief:

In Brief: Oil & broader energy products are retrenching this morning as a handful of signs suggest transits are still occurring

through the Red Sea.