1535 ET – Oil futures post back-to-back gains as the prolonged closure of the Strait of Hormuz starts to raise concerns about falling global inventories. “While strategic releases and demand reduction have prevented immediate chaos, the margin for error is shrinking rapidly,” Phil Flynn of the Price Futures Group says in a note. A continued closure of the strait points to tighter physical markets, potential product shortages, and upward pressure on prices in coming weeks and months. On the other hand, prices further out on the curve may be suggesting that demand destruction, strategic releases, and non-Gulf supply responses “are proving more effective and elastic than the bullish narrative suggests.” WTI settles up 4.2% at $105.42 a barrel for a 10% weekly gain. Brent rises 3.3% to $109.26, up 7.9% on the week. (anthony.harrup@wsj.com)

Brent Set for Weekly Loss of More Than 7% as Hormuz Impasse Worries Markets

1406 GMT – Oil prices are little changed, with Brent headed for a weekly loss of more than 7% as hopes for a swift reopening of the Strait of Hormuz have faded. Brent crude is up 2.7% to $108.56 a barrel, while WTI futures rise 2.9% to $99.71 a barrel. At the end of a two-day summit with Chinese leader Xi Jinping, U.S. President Donald Trump said China agreed that the war in Iran should end and ship traffic through the Strait of Hormuz be free. Still, a lack of progress in U.S.-Iran negotiations is making markets nervous. “The longer the Strait of Hormuz remains blocked, the more attention is focused on inventory levels,” analysts at Commerzbank say. “If the U.S. Department of Energy’s weekly inventory report shows another significant drawdown in U.S. oil stocks, this is likely to support oil prices.” (giulia.petroni@wsj.com)

Thousands of individuals have invested in private companies such as SpaceX, Anthropic and OpenAI, using online platforms meant to bring the hottest opportunities to the masses. This week, Anthropic sparked widespread panic by suggesting some of the investments could be worthless.

A Blackstone seasoning blend has been recalled due to a potential risk of salmonella contamination, according to the U.S. Food and Drug Administration (FDA).

Blackstone Products of Providence, Utah, announced it was voluntarily recalling certain lots of its Parmesan Ranch seasoning products following the discovery that California Dairies, Inc. recalled dry milk powder due to potential salmonella contamination. 

The affected milk powder was supplied to a third-party manufacturer and used in the seasoning product, according to the FDA.

The affected products were sold nationwide exclusively through Walmart stores and the Blackstone Products website.

CHECK YOUR FREEZER: ORGANIC ICE CREAM RECALLED IN 17 STATES OVER POSSIBLE METAL FRAGMENTS

Select lots of Blackstone’s Parmesan Ranch seasoning packet were voluntarily recalled. (U.S. Food & Drug Administration / Unknown)

The recalled products are labeled as Blackstone Parmesan Ranch 7.3 oz seasoning products with item number #4106. The lot code and best-by dates are located on the bottom of the product packaging, according to the FDA.

The recall specifically impacts lot numbers 2025-43282, 2025-46172 and 2026-54751 with “best by” dates of July 2, 2027, Aug. 5, 2027, and Aug. 12, 2027, respectively.

No illnesses have been reported from the affected seasoning products, but the FDA warns salmonella can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems.

Salmonella is an organism that can cause fever, diarrhea, nausea, vomiting and abdominal pain in otherwise healthy people, according to the FDA. In rare cases, the infection can enter the bloodstream and cause more severe illnesses, including arterial infections, endocarditis and arthritis.

MORE THAN 125,000 CHILDREN’S TOWER STOOLS RECALLED NATIONWIDE DUE TO POSSIBLE DEADLY DEFECT

The recalled Blackstone Parmesan Ranch seasoning products list the lot code and best-by date on the bottom of the container, according to the FDA. (U.S. Food & Drug Administration / Unknown)

A representative for Blackstone did not immediately respond to FOX Business’ request for comment.

Consumers are urged not to use the recalled seasoning and should dispose of the product immediately.

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The FDA said consumers who purchased the affected products should not consume the seasoning and should throw it away immediately.

Customers who purchased the affected products may contact Blackstone Products at 1-888-879-4610 to receive a replacement product or ask additional questions.

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