BP has reported a $5.8 billion loss in the second quarter, mostly from the costly settlement over the 2010 Gulf of Mexico oil spill. [The NY Times]

The Senate Energy and Natural Resources Committee began its debate over the broad bipartisan energy bill, with potential conflicts already emerging. [The Hill]

The UAE will raise gasoline prices by 24 percent next month when it becomes the first country in the oil-rich Persian Gulf to remove subsidies on transport fuel. [Bloomberg Business]