Oil steady as US-China summit begins with Iran war at impasse

The US-China summit began amid the impasse in the Iran war, with no clear outlook for resolving the conflict. Global oil inventories are declining at a record pace, and supply shortages are expected to persist until October even if the conflict ends next month. The US is imposing sanctions on China's purchase of Iranian oil, and the expiration of a sanctions waiver for Russian oil leaves India vulnerable.