It’s day 100 of Russia’s war against Ukraine

🇺🇦 Russia has now seized 20% of Ukraine, President Volodymyr Zelensky said in an address to lawmakers in Luxembourg yesterday, adding that the front line of the battle stretches more than 620 miles.

• Ukrainian forces are currently holding less than ⅕ of Severodonetsk, the last remaining major city in the eastern Luhansk region under any form of Ukrainian control, per the regional governor.
• Moscow rebuked the US on Wednesday for its new $700 million weapons package that provides Ukraine with next-gen missile systems, saying the White House is “deliberately pouring oil on the fire."
• The Treasury Department expanded sanctions targeting Moscow’s access to yachts yesterday, blocking two ships it says were previously used to transport Russian President Vladimir Putin.

🛢️ Zoom out: OPEC and its allied oil producers agreed yesterday to boost oil production by 648,000 barrels/day – 200,000/day more than planned – in July and August. (For context, the US consumes nearly 20 million barrels per day.)

• The average US price for a gallon of gas reached a new all-time high of $4.72 yesterday, per AAA data; that’s up 12 cents from a week ago, and up 52 cents from a month ago.