Russia

• The NYT reported that the U.S. and Russia are in talks over a possible prisoner swap that may include WSJ reporter Evan Gershkovich, who the U.S. says is wrongfully detained in Russia. It's not clear who might be the other side of the swap: it could be a Russian in U.S. custody or this could end up being a tripartite swap, with the U.S. imploring Ukraine to release Russians it's holding.
• Separately, Russia accused Ukraine of attacking Moscow with at least five drones - all of which Russia claims it shot down before they caused any damage or injuries. As usual for operations within Russia, Ukraine didn't comment.
• Pres. Putin joined a virtual meeting with the leaders of Shanghai Co-operation Organization countries - China, India, Pakistan, and Asian ex-Soviet states. It was his first time meeting global leaders since the insurrection Wagner Founder Yevgeny Prigozhin staged the weekend before last.
• Putin told the forum that Russia is "united as never before," which isn't exactly the sense we've been getting from the media.
• Meanwhile, Putin is trying to buy better loyalty by offering soldiers and security officials a 10% raise. That still doesn't compete well with Wagner, which pays its fighters 100% more than regular army troops.

West Bank

• Israel launched a fierce round of airstrikes and a ground raid on a suspected weapons production facility in the West Bank city of Jenin, striking a refugee camp and killing at least eight (plus displacing hundreds or even thousands, according to Palestinian officials).
• It was the largest raid on the West Bank in 20 years, and militants have already retaliated with fresh attacks - including a car-ramming incident that injured seven in Tel Aviv.
• Neither side seems ready to stand down first: Israel's right-wing government isn't willing to de-escalate and the Palestinian Authority has been unwilling - or perhaps unable - to stop militants from retaliating.

• Libya's eastern strongman, Khalifa Haftar, ominously suggested he would have his fighters shut down national oil production (again) if the rival government in Tripoli doesn't give the east a greater share of oil proceeds in the next two months.
• Haftar previously shut down oil production to get his way, and that's what led to the appointment of the current, Haftar-friendly National Oil Corp. chairman, Farhat Bengdara. However, Bengdara has struggled to keep both Haftar and his Tripoli-based rival, Abdul Hamid Dbeibeh, happy.

• The Extractive Industries Transparency Initiative (EITI) lifted Guyana's temporary suspension after Guyana complied with EITI's demand to finalize its late 2020 reporting (which Guyana says was delayed due to a misunderstanding). Now Guyana is back in EITI's good graces.

• Saudi Arabia said it would extend its one million barrel per day oil production cuts through August, and Russia added a production cut of 500,000 for August. Combined, the Saudi and Russian cuts represent about 1.5% of global supply.
• Oil prices initially rose on the news - which was the outcome Saudi and Russia had hoped their cuts would achieve - but then settled back to earlier levels.