Brent crude prices remained above $40/bbl throughout July, peaking at $44.75/bbl after OPEC+ agreed to ease its 9.7mbpd production cut from the beginning of August.

GBP gained six cents against USD across July, reaching a high of 1.290 as the US dollar weakened following worsening tensions with China and rising coronavirus cases.

After re-igniting following the introduction of the controversial Hong Kong security law, US/China tensions escalated after the US closed the Chinese consulate at Houston.