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IAEA: Military activity affects water supply at Zaporizhzhia Nuclear Plant and nearby town
The U.N. nuclear watchdog reported on Thursday that military activity had affected water supplies in parts of the Russian-held Zaporizhzhia Nuclear Power Station and nearby areas of southeast Ukraine. In the first few weeks of the Russian invasion of Ukraine in February 2022, Russian forces captured the largest nuclear power station in Europe, with six reactors. Since then, both sides have accused each other of actions that compromise nuclear safety. Rafael Grossi said that there is no shortage of water to keep the fuel cool in reactors. The attacks on and around Enerhodar - where many plant staff live - "targeted local electrical infrastructure and led to a loss of water supply in the ZNPP and the city." Grossi added that IAEA monitoring staff stationed in the plant had only limited access to water since 18 July. Grossi has visited the plant a number of times since the Russians took over the operation. He made no mention of either Russia or Ukraine in relation to the military activity. The IAEA?on-site?team has not been able?to?visit an emergency operations center nearby since December due to security concerns. Last week, Rosatom, the state-owned nuclear corporation of Russia said that a Ukrainian drone killed the plant's chief engineering. Grossi reiterated in his latest statement that the nuclear power plant employees "must always be protected."
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Newmont's profit beats expectations on higher gold prices
Newmont beat analysts' estimates for the second quarter profit on Thursday as higher gold prices helped to offset lower production. Gold prices have been rising on the back of a steady demand for safe-haven assets and hopes that U.S. rates will be cut. However, a stronger dollar as well as inflation fears fuelled by oil price volatility during the Iran War has?limited gains. Gold prices that are higher usually boost revenue and margins for miners. Prices for 'the yellow metal' averaged $4,606.41 per ounce during the second quarter 2026. This is up 37% from one year ago. Newmont's average quarterly realized price of gold was $4,414 per ounce. This compares to $3,320 an ounce one year ago. The quarterly gold production was 1.29 million, down from 1.48 million the year before. In extended trading, its shares dropped 1%. According to data compiled and analyzed by LSEG, on an 'adjusted' basis, the company earned a profit of $2.10 for the quarter - ended June 30 compared to the analysts' average estimate of $1.99.
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Chile investigates Antofagasta’s Los Pelambres Mine after rainwater discharge
Antofagasta Minerals, a Chilean copper mining company, said on Thursday that its flagship mine Los 'Pelambres is safe following an investigation by Chile's environmental regulator into a water discharge incident caused by extreme weather. On Wednesday, the regulator said that Antofagasta released water into the Pupio Waterway from a drainage pool after heavy rains caused an?avalanche near the site. Antofagasta has said that the controlled release of water from two pools downstream the tailings?dam?wall was part of its water management system. Water from the tailings dam was channeled to the Pupio stream whose flow had already increased significantly because of rain. The company reported that the tailings pond was "stable and in accordance with its design parameters and safety parameters with no risk to people or surrounding?environment." * The regulator stated that it will continue to evaluate whether any further action is needed. Chile has been hit by heavy rains?from the north-central region to the south causing flooding, road closures, and home damage. * Copper mines are usually prepared for winter with contingency plans. However, the intensity of the storm has forced some to reduce their activities. *?Los Pelambres is the largest copper mine in Antofagasta, located in Chile's Coquimbo region.
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Officials say five Palestinians were killed in an Israeli strike and violence in the West Bank.
According to Palestinian officials and the Israeli military, an Israeli airstrike on Thursday killed two Palestinians, including two children, in northern Gaza. Three other Palestinians were also shot dead in the West Bank. Israel's military claimed it had targeted "militants" in Gaza. A senior Israeli military official confirmed that a civilian killed two Palestinians after they had stabbed an Israeli and injured him during a dispute. After a separate stabbing attack in which an Israeli soldier was injured, the Israeli military confirmed that its forces had shot a third Palestinian. Israel has launched nearly daily attacks on Gaza in what it claims are attacks against Hamas militants. This is more than nine month after the U.S.-backed "ceasefire" in the enclave. According to Palestinian and Israeli statistics, more than 1,160 Palestinians as well as four Israeli soldiers were reported dead since the fragile truce began in October. Palestinian medics claim that the majority of those killed are civilians. The Palestinian Authority's official media agency WAFA reported that Israeli soldiers and settlers attacked Palestinians in the West Bank as they attempted to extinguish a nearby fire. Two Palestinians stabbed a soldier, according to an Israeli military official. "Friction" broke between Israeli settlers and Palestinians while trying to put out the fire. Official, who did not want to be named, claimed that an Israeli "civilian", which is an apparent reference of a settler killed the two Palestinians. The West Bank has been a hotbed of tensions due to the escalating violence between Israelis and settler groups, as well as Israeli plans to expand settlements in territory Palestinians consider a "key" part of their future state. Around 700,000 Israelis live with 2.7 millions Palestinians in the West Bank and East Jerusalem. Most foreign governments claim that Israel's settlement activities in the West Bank, where the Palestinian Authority has limited autonomy, are illegal under international law. Israel disagrees with this view. Reporting by Ali Sawafta and Steven Scheer; Writing by Pesha Magd; Editing Andrew Heavens
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Blackstone CEO addresses AI concerns raised by the community
Stephen Schwarzman, Blackstone's CEO, said that the company is addressing the social and environmental implications of artificial intelligence, as opposition to the construction of data centers in the United States grows. Blackstone and private capital firms pour tens or hundreds of millions of dollars in infrastructure and businesses that are aiming to increase computing capacity and run models that consume a lot of power. A June /Ipsos poll found that the deeply divided American electorate was united by their opposition to the construction of data centers. Only 14% said they would "support" a facility being built for technology companies in their locality. Schwarzman, on a recent conference call, said that Blackstone works closely with its portfolio companies, including the data-center business, "to address workforce, environmental, and community implications through the creation union jobs, training for the workforce, water-free cooling systems, increased power generation, as well as significant local economic investments." Schwarzman stated that while AI's impact could be similar to the Industrial Revolution, which ultimately raised living standards, it also causes anxiety because of the uncertainty about how technology will evolve. Blackstone, the private equity firm that bought QTS for $10 billion dollars in 2021, announced earlier this month it had halted a Virginia project after years of planning. The project was halted after years of planning due to a'strong local opposition, litigation and disagreements. The U.S. administration of President Donald Trump sees AI development as a race with China but also works to protect households from the rise in energy prices that will follow. Schwarzman, who has been a Trump donor for many years, said he personally spent "a lot of time" with leaders in the AI industry and policymakers to think about ways to deal with these issues while maintaining America's AI lead. (Reporting and editing by Nia William; Isla Binnie)
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Michigan reports 7,644 cases of cyclosporiasis in ongoing outbreak
Michigan health officials announced?on Thursday, 7,644 cases of cyclosporiasis (an intestinal infection) linked to a recent outbreak. This is an increase of 473 since the last state update, a day earlier. According to the Michigan Department of Health, this outbreak has resulted in 160 hospitalizations. There have been no reported deaths. Cyclosporiasis is caused by the Cyclospora worm and can cause diarrhea, nausea, and other gastrointestinal problems. This parasite can be spread by eating raw fruit and vegetables or drinking water that has been contaminated with feces. According to the Centers for Disease Control and Prevention, cyclosporiasis cases have steadily increased in the U.S. over the past few months. The agency reported earlier this week that 4,173 people in 41 states had contracted the parasite and 308 were hospitalized. On?Wednesday, the U.S. Food and Drug Administration announced that it was investigating an outbreak of cyclosporiasis. 72 cases were linked to a source which has not yet been identified. The FDA's outbreak tracker lists six active Cyclospora outbreaks, including four ongoing investigations and two that are no longer under investigation but still remain under investigation. A spokesperson from the U.S. Department of Health and Human Services said that the "Trump administration mounted a robust reaction to this outbreak by working closely with health departments?in all 50 states and leading public health response, promptly identifying the known sources and giving Americans the information they needed?to protect themselves." HHS stated that as the FDA investigation continues, it is possible to identify additional brands, restaurants or retailers. The CDC is currently investigating over 7,400 additional infections reported that have not yet been laboratory confirmed. Many of these are in Michigan and Ohio. The agency had linked the outbreak with shredded iceberg salad served at Taco Bell in certain states. Mexico Health Minister David Kershenobich said on Tuesday that there is no evidence to date that lettuce from Mexico has caused the outbreak. U.S. officials are still investigating a lettuce outbreak that has been linked to five states. (Reporting and editing by Tasimzahid, Shilpa Majumdar and Siddhi Mahtole from Bengaluru)
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US imports the first fuel oil cargoes via Syria as Iraq uses a new export route
According to two sources and shipping data, the United States is now importing fuel oil from Iraq via Syria. This comes as Iraq continues to expand its?Mediterranean trade route, which was established following disruptions in Gulf trade routes earlier this summer. This alternative route shows that'shippers are looking for ways to circumnavigate Strait of Hormuz which has been 'effectively closed since several months and hindering Gulf oil imports due to the Iran War. According to Kpler Shipping Data, three Aframax tanks loaded fuel oil in Syria's Mediterranean Port of Baniyas from June to July, for delivery to U.S. Gulf Coast. Sources with direct knowledge about the operations at the Syrian Terminal said that the fuel was Iraqi. On Passion, the first tanker to leave Baniyas with 716,600 fuel oil barrels, left on June 17. Kpler reports that 487,600 of the barrels will be discharged at?the Bahamas by mid-July. The remainder is expected to arrive in Texas in late July. The Nissos Cristina loaded around 288,500 barrels in Baniyas and departed on July 8 to discharge in the U.S. Gulf Coast early in August. Meanwhile, the Green Warrior had loaded approximately 414,400 of fuel oil between mid-to-late July to arrive in the United States during the third week in August. Sources said that the cargoes were loaded with Iraqi oil, which was transported across the border to Syria by truck and then loaded at Baniyas. According to Kpler, these are the first fuel shipments ever from Syria destined for the United States. According to an?engineer working at the Baniyas Terminal, Syria has not exported petroleum products or crude oil for many years. The only exception was a shipment made in September 2025. The engineer stated that all current Baniyas shipments are restricted to Iraqi fuel oils. The Syrian Petroleum Company, Syria's state owned company, did not respond immediately to a comment request. SPC reported in June that Baniyas had been loading one tanker with Iraqi fuel oil each seven to ten days since the new reexportation route began in early May. Around 900 tanker trucks were unloading at the terminal every day. LSEG shipping information shows that Iraqi fuel oil exports through Baniyas have also?been shipped to customers in different countries across the Mediterranean including Spain and Egypt. Last month, it was reported that Iraq intended to expand its arrangement to export crude oil and naphtha via Syria. This came after disruptions in shipping through the Strait of Hormuz led Baghdad's government to look for alternative export routes. Iraqi and Syrian officials stated that Iraq planned to continue to use the Syrian corridor, even after traffic through Hormuz returned to normal. This was part of a diversification strategy and a reduction in reliance on one route. Sources said that although Syria has equipped Baniyas with facilities for crude oil and naphtha handling, exports have not yet begun. Kpler reports that the United States has not imported Iraqi fuel since March. The data shows that U.S. imports of fuel oil are typically from Mexico, Algeria, and Iraq. The data showed that Baniyas, which has increased fuel oil exports, is also a major supplier to the U.S. Gulf, and the U.S. Gulf has had to fill the gap created by the Mideast Gulf's?flows. The shipments show how regional trade has continued to develop following the disruption of Gulf shipping caused by the Iran War. Iraq is increasingly relying upon Syria's Mediterranean Port to reach customers across Europe, Africa, and now North America. Reporting by Georgina Mccartney in Houston, and Feras Dalatey in Dubai. Editing by Liz Hampton & Andrea Ricci.
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Irish PM: No definitive evidence that Irish alumina is used in Russian arms
Micheal Martin, the Prime Minister of Ireland, said that an Irish investigation into a major alumina factory?has not found any "concrete" or "definitive" evidence to suggest its exports are used in Russia to produce aluminium for weapons. Ireland faces increasing pressure regarding the Aughinish Alumina Plant, Europe's biggest refinery for the aluminum feedstock alumina. The facility continues to export alumina to Russia. Dublin ordered the 'investigation', while defending a European Union decision that the Rusal-owned?plant would not be included in Russian sanctions packages. The government claims that 'the refinery located in southwest Ireland plays a strategic role for EU supply chains. "The investigation hasn't?found concrete evidence or definitive proof linking the alumina with a?"weapons producer in Russia," Martin said at a press conference held jointly with Ukraine President Volodymyr Zelenskiy, during a trip to Kyiv. The report also states that "neither has it found conclusive evidence that alumina is not going to weapon manufacturers." Martin stated that the investigation was almost completed?and will be shared with European Commission when it is finalised. Martin said that Rusal was adamant that the material would not be 'going to weapons manufacturers. Martin stated that "we will work with?the Commission to?see what we can do to deal with this matter, as we don't want material from Aughinish?to go to Russia." He added that other methods could be used to achieve the same goal. Zelenskiy visited 'Dublin' earlier this month to urge a rapid completion of the investigation. He reiterated that Kyiv supports sanctions against EU alumina exported to Russia.
Russell: The price of crude oil makes Trump TACO less likely to trade:
The crude oil markets still price in a resolution of the Middle East conflict that will result in the full opening of the Strait of Hormuz.
In pricing this outcome, the market actually makes it more likely that the narrow waterway which serves as a channel for as much as 20 percent of the world’s oil supply remains closed.
The market still expects U.S. president Donald Trump to deliver TACO - the acronym for Trump always?Chickens out.
Trump can continue the conflict by maintaining the price of paper crude oil below the level that would allow for a return to normal flow from the Persian Gulf. This is because he believes the global market, which includes crude and refined products, is not yet in a crisis.
It's a Catch-22. The paradoxical, no-win situation popularized by Joseph Heller in his 1961 novel with the same title.
Brent crude futures, the global benchmark for oil prices, were trading at around $111.81 per barrel during early Asian trade Monday. They had risen by 54% from the $72.48 close on February 27, a day before Israel and the U.S. launched an air campaign against Iran.
Brent reached a high of $139.13 per barrel when Russia invaded Ukraine on February 20, 2022.
The Russian attack on Ukraine is different from the conflict currently raging in the Middle East because the Russian action did not result in significant losses of crude oil and refined products.
China and India stepped in to fill the gap left by European countries' halting of purchases of Russian crude oil and products. The disruption was limited mainly to the rerouting and pricing.
The situation today is quite different. Most of the 20,000,000 barrels of crude and refined products, which normally transit the Strait of Hormuz per day, are no longer available.
Even with the increased flow of crude oil and refined products from the United Arab Emirate of Fujairah on the Gulf of Oman and Saudi Arabia's Yanbu Port in the Red Sea, the world is likely to lose at least 12,000,000 barrels of product per day.
The International Energy Agency's moves to release their stockpiles, and the waiver of U.S. sanctions against Russian oil and Iranian crude in water are only temporary solutions that don't do much to solve the problem.
HORMUZ is the only game
The Strait of Hormuz is the single key to global supply. The longer it remains closed for most vessel traffic, the more strain will be put on the world's supplies.
Singapore jet fuel prices are already showing the strain in Asia.
The highest price of jet fuel was $173.69 per barrel during the price spike after Moscow's invasion of Ukraine. This shows that physical traders did not perceive the same risk as the current war with Iran.
The market must ask itself how high crude oil futures will have to go before Trump is forced to deliver on the TACO deal, instead of the current mixed message word salad.
Trump has, in recent weeks, veered from claiming that the conflict would be over soon to threatening "obliteration" of Iran's energy installations if the Strait of Hormuz was not reopened.
This move and the likely Iranian attacks on energy infrastructure in the Gulf do not sound like the necessary de-escalation to control crude oil futures.
It seems that the de-escalation of tensions and the re-opening strait are getting further apart with every passing day.
The history shows that long-running, intractable conflict is usually resolved only when one side achieves a decisive victory in a war. This is unlikely to happen in the current conflict, or when most parties begin to align their interests for peace.
Trump wants to end the conflict quickly to increase the chances that his Republican Party will win the November mid-term elections. But his ego also needs a victory even if only his domestic political base believes it.
Israel is determined to eliminate Iran from the world as a serious threat. It does not seem to care if a severe recession occurs worldwide if they continue to wage war.
Iran's authoritarian regime, which has achieved its first goal of survival, might believe that prolonging the conflict will give it more leverage to negotiate favorable terms for any settlement.
Russia is probably laughing to the bank, and wants the war on indefinitely.
China believes it has a large oil stockpile that will protect it from the worst effects. However, the longer the conflict continues, the more likely economic consequences for the heavily trade-dependent Chinese economy.
Almost every nation in Asia, Africa and Europe wants the war to end quickly, as they fear the economic effects of a prolonged lack of crude oil from the Gulf. Fuel-importing nations are particularly at risk.
Lack of alignment increases the likelihood of war continuing or even getting worse.
The global economy is likely to be faced with a loss of at least 10% of its crude oil supply and refined products.
The question is not about demand, but rather supply.
The global economic impact of reducing demand by 10 million bpd is not evenly distributed. Regions like Asia and Africa will likely suffer more.
Even in wealthy countries, governments often lack the fiscal power to combat an increase in energy prices and their accompanying economic downturn.
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These are the views of the columnist, an author for.
(source: Reuters)