Washington's Iran sanctions threat runs into China's oil pipeline

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Nine other stories

• U.S. bonds give back Wednesday's relief. Brent crude rose 2.4% to $93.78, the 10-year Treasury yield moved to 4.70% from 4.65%, and the S&P 500 fell 0.9%. Walmart dropped 9.2% after reporting stronger quarterly profit and revenue but slower underlying revenue growth and a weaker current-quarter profit forecast. The market is linking energy risk, high government borrowing costs and a possible consumer slowdown. 3
• North Korea fired a barrage of ballistic missiles toward the sea. South Korea said the launches came a day after Pyongyang dismissed a U.S. decision to scale back military drills with South Korea. The report does not establish the exact number or launch location; the immediate test is whether the launches produce a new military response during the exercises. 4
• Brazil is becoming a rare-earth supply-chain battleground. An AP analysis of mining records found 2,727 exploration applications through June, with 42% involving foreign-owned firms and more than 86% filed in the past three years. At least 25% overlap with or sit within 10 kilometers of protected areas or Indigenous territories. Brazil can diversify supply away from China, but permitting, processing capacity and environmental safeguards will decide whether exploration becomes production. 5
• Brazil is splitting a 2.3 billion-real AI-computing push between U.S. and Chinese partners. One 1.3 billion-real project in Rio de Janeiro is tied to Huawei and iFlytek; a separate 1 billion-real tender in Rio Grande do Norte is expected to use Nvidia technology, although that award is unconfirmed. Brasília is seeking computing capacity and data sovereignty without depending on one country or supplier. 6
• Nvidia denied a reported China-specific AI chip plan. The Information had reported that Nvidia could ship small batches of a language-processing unit by the end of 2026. Nvidia said it has no LPU sales in China and no China-specific LPU on its roadmap. The dispute leaves export controls, Chinese demand and Nvidia's ability to maintain a local product line as the next facts to watch. 7
• Micron plans a $10 billion AI-memory research lab in Boise. The company says it will spend the money over the next decade, break ground in 2027 and place hundreds of researchers at the site. The investment targets memory technologies and compute systems as demand for high-bandwidth memory rises with AI infrastructure. 8
• The Houthis claimed two drone attacks on Saudi targets. The Iran-aligned group said it targeted a sensitive site at Najran airport and an Aramco facility in Najran. Saudi Arabia had not immediately confirmed the claims, and Reuters found no independent verification of launches, interceptions, damage or casualties. 9
• Croatia detained a Ukrainian man wanted by Germany over the Nord Stream blasts. A judge ordered detention pending extradition proceedings after the man was arrested in Pula on a European warrant. German prosecutors allege that the suspect was a trained scuba diver in a group that planted explosives on Nord Stream 1 and 2; his lawyer plans to appeal, and the case has not established who ordered the operation. 10
• A safari helicopter crash in northern Kenya killed seven people. The crash occurred in a remote area near Mount Ololokwe, and the victims included a Miami restaurateur and six others; AP reported that an Ecuadorian official was among those killed. The incident adds another safety risk to an industry that moves tourists through remote terrain, The next material fact will be the aircraft's cause and flight circumstances. 11

Quote of the day

"The toughest sanctions in history."

— U.S. Treasury Secretary Scott Bessent, describing the sanctions Washington plans to impose on Iran. 1

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