New York Knicks star Jalen Brunson said this week that he has made no effort to recruit LeBron James to join the franchise this offseason, distancing himself from speculation about the team’s potential pursuit of the four-time NBA champion as James continues weighing his free agency options.

Asked directly whether he had tried to bring James to New York, Brunson made clear he intends to stay in his own lane. “My job is to put the ball in the hoop. Try and play a little defense,” Brunson said, according to NightcapShow, in comments shared by NBA Courtside and Fullcourtpass. “There’s people who are above me who determine who’s on the team and who’s not. I’ll leave the pitching to them.”

A team not seriously considered a frontrunner

Brunson’s comments come as the Knicks have generally not been viewed as serious frontrunners in James’ free agency search this offseason, despite James having reportedly expressed interest in joining New York at various points in the past. That earlier interest appeared to cool somewhat following the Knicks’ recent championship run, with the added expectations and pressure that come with title-winning success seemingly complicating any potential pursuit of James by the organization.

Throughout the more active stages of James’ free agency process, teams including the Minnesota Timberwolves, Golden State Warriors, Miami Heat, Cleveland Cavaliers and Philadelphia 76ers have consistently been named as more likely landing spots, with the Knicks largely absent from that core group of finalists as James’ decision has continued to play out.

James’ own comments on the Knicks’ style of play

Despite the Knicks’ relatively distant positioning in the sweepstakes, James has spoken publicly and in detail about what makes New York’s roster and system work, according to comments shared by the New York Basketball social media account. James praised the Knicks for their diversified offensive approach, highlighting a heavy dose of pick-and-roll actions run through Brunson alongside contributions from coach Mike Brown’s use of a pinch-post role for center Karl-Anthony Towns, a combination James suggested prevented opponents from settling into a single defensive scheme.

James also pointed to the Knicks’ historically strong point differential during their recent playoff run as a notable indicator of the team’s overall quality, alongside praise for supporting players such as Josh Hart and Mikal Bridges, whom he described as important glue pieces, along with additional recognition for another player’s contributions throughout the team’s championship push.

Rich Paul’s earlier comments on James’ consideration of New York

Earlier reporting had also suggested that James’ longtime agent, Rich Paul, acknowledged internally that the Knicks had at least been part of broader free agency conversations. According to comments attributed to Paul and shared by the New York Basketball account, Paul suggested that the Knicks’ presence on James’ radar was closely tied to the team’s championship success this year, indicating that without that title, New York likely would not have been under serious consideration at all. Paul reportedly noted that any real path toward James joining the Knicks would require Brunson himself to personally signal that he had no issue with the arrangement, underscoring just how central Brunson’s own posture toward the situation could be to any realistic scenario involving James and New York.

Why the Knicks may not need James anyway

Beyond the specific question of recruitment, there are broader structural reasons the Knicks have not aggressively pursued James this offseason. The team enters the new season with a largely complete and successful roster, having already retained forward Landry Shamet and added center Andre Drummond as a backup option behind Towns, replacing Mitchell Robinson in that depth role. Given the chemistry and continuity that has fueled New York’s recent success, some analysts have suggested that adding a player of James’ stature and accompanying expectations at this stage could risk disrupting the roster balance that has made the Knicks so effective.

While few around the league would dispute that James remains capable of elevating any team he joins, and his star power and marketability would likely pair well with New York’s media market, the Knicks appear to have concluded that their current roster construction does not require, or perhaps even benefit from, adding another marquee name to the mix at this particular stage.

Brunson’s growing influence, deployed elsewhere

Brunson’s decision to stay publicly neutral on the James situation stands out given his growing stature within the league as one of its more influential current voices, particularly following New York’s championship run and his continued central role in the team’s offense. Despite that influence, and despite James’ own detailed public praise for the Knicks’ system, Brunson has made clear he does not intend to use his platform to actively lobby for James to join the roster, instead deferring that kind of team-building decision to the front office executives whose job it is to make those calls.

With James expected to announce his free agency decision imminently, and with the Cavaliers, Heat, Warriors, 76ers and Timberwolves remaining the most frequently cited finalists, the Knicks appear likely to watch the outcome unfold from the sidelines rather than as active participants in the final stretch of the pursuit. For now, Brunson’s comments reinforce a broader sense around the organization that New York is comfortable building on the strength of its existing roster and recent success, rather than pinning its hopes on adding one of the league’s most decorated players at this late stage of the offseason.

Oil prices edged lower on Tuesday as traders balanced reports of renewed diplomatic efforts between the U.S. and Iran with fresh military exchanges and Yemen’s Houthis threatening a naval blockade of Saudi Arabia.

Crude oil price on July 21

Brent crude futures slipped 35 cents, or 0.4%, to $88.87 a barrel, while U.S. West Texas Intermediate crude for September delivery was little changed at $82.47 a barrel. Both benchmarks remained below the more than one-month highs touched in the previous session.

On Monday, Yemen’s Iran-backed Houthis announced plans to impose a naval blockade on Saudi Arabia, potentially opening another front against the U.S. in its conflict with Iran and increasing concerns over disruptions to global energy supplies and trade beyond the Gulf.

At the same time, a senior Iranian official told Reuters that Tehran had received a proposal from mediators for a 10-day ceasefire. The proposal is part of efforts to preserve the interim agreement signed on June 17, which was aimed at creating a pathway to a permanent deal to end the conflict that began on February 28 following U.S.-Israeli attacks on Iran.

The diplomatic initiative came after another night of U.S. strikes on Iranian cities and retaliatory attacks by Iran’s Revolutionary Guards on U.S. military assets across the region. Later on Monday, U.S. Central Command said it had launched another round of strikes on Iran.

Also read: Relieved that crude has finally fallen? The real warning signs just began flashing elsewhere

What’s next?

Goldman Sachs said Brent crude could move above $110 a barrel in the fourth quarter if the recovery in Gulf oil exports remains delayed. However, the investment bank expects prices to fall back into the $60s by the end of the year if geopolitical tensions ease and production rebounds faster than expected.
“At the current point there are no signs of a ceasefire again. But in case there is a ceasefire immediately imposed, we don’t expect Brent oil prices to fall beyond $70 per barrel. It is likely to remain the lower support for the near term,” Pranav Mer, Senior Vice President, Currency and Commodity at JM Financial, told ETMarkets.
According to Anindya Banerjee, Head of Commodity Research at Kotak Securities, crude oil has once again begun pricing in geopolitical risks. “Any strike on major Gulf export infrastructure could force a retest of $95-100 and beyond,” he said.
Banerjee added that markets are reacting less to the military action itself and more to the diminishing chances of diplomacy. He said Tehran has laid down fresh conditions for resuming negotiations, with each new development pushing back the return of normal tanker movement through the Strait of Hormuz, where traffic has already remained well below pre-war levels.

Also read:Oil is crude once again! Is $95 the new normal and what it means for Indian investors?

Nuvama Institutional Equities warned that an extended closure of the Strait of Hormuz could disrupt nearly 20 million barrels a day of crude oil flows. Under such a scenario, the brokerage said oil prices could surge to between $110 and $150 a barrel.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen’s Houthis.

Brent crude futures eased 35 cents, or 0.4%, to $88.87 per barrel by 0052 GMT, while U.S. West Texas Intermediate crude ‌for September ⁠delivery was ⁠steady at $82.47 a barrel. Both contracts were trading below their highest levels in more than a month hit in the previous session.

Yemen’s Iran-aligned Houthis said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front against the U.S. in its war on Iran and raising the threat to global energy supplies and trade beyond the Gulf.

“The threats of a naval ⁠blockade on ‌Saudi Arabia by the Houthis are significant because they raise the risk of disruption to another major oil exporter,” said Tim Waterer, chief ⁠market analyst at KCM Trade.

Separately, a senior Iranian official told Reuters that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage an interim deal signed on June 17, intended to pave the way for a lasting agreement to end the war that began on February 28 with U.S.-Israeli attacks on Iran.

The diplomatic push followed another night of U.S. strikes on Iranian cities and attacks by Iran’s ‌Revolutionary Guards on U.S. military assets across the region. Later on Monday, U.S. Central Command said it had begun another round of strikes on Iran.
“(Oil) has come a ⁠long way already and it certainly has the potential to go higher again. However, in the short term the overnight talk of de-escalation and peace talks appears to be capping the upside for the time being. Whether anything comes from those peace talks remains to be seen,” IG market analyst Tony Sycamore said in a note. U.S. crude oil stockpiles were expected to have fallen last week alongside gasoline, while distillate stocks likely rose, a preliminary Reuters poll showed on Monday.[EIA/S]

John Healey, the minister who walked out of Sir Keir Starmer’s cabinet in a row over defence spending, has been handed the nation’s chequebook. Andy Burnham has named him chancellor of the exchequer in the first major appointment of his premiership.

The choice will surprise business owners as much as it did Westminster. After weeks of deliberation over who would run the Treasury, the smart money had settled on Shabana Mahmood, the home secretary, or Ed Miliband, the energy secretary. Healey’s name was, at best, an outside bet.

Yet the new chancellor is no stranger to the building. He served as economic secretary to the Treasury between 2002 and 2005, while Gordon Brown was chancellor under Tony Blair’s Labour government.

Nor is he a stranger to a fight over money. Healey resigned as defence secretary last month, accusing the prime minister of being “unable” and the Treasury of being “unwilling” to properly fund the defence investment plan. He now inherits the very department he condemned, along with every bill he once demanded it pay.

For the UK’s small and medium-sized firms, the reaction that matters arrived quickly, and it came with a warning attached. Louise Hellem, chief economist at the CBI, congratulated Healey on his appointment but made clear that a new name on the door changes little else.

“Business will be conscious that whilst there is now a new occupant at No. 11 Downing Street, the same challenges to unlock growth remain,” she said. “Maintaining business and investor confidence will be critical to delivering the growth needed to raise living standards and strengthen prosperity across the UK.”

Her prescription was specific. “That means staying committed to established fiscal rules, protecting capital investment, progressing the EU-UK reset and retaining a single fiscal event each year. At the same time, we must move quickly to accelerate key Industrial and Infrastructure Strategy commitments and deliver the Mansion House reforms.”

Those Mansion House reforms, the pension consolidation programme launched by Rachel Reeves, could unlock around £80 billion of investment for growing businesses and infrastructure. Delivering them now falls to Healey.

For smaller employers, the sharpest lines were on costs. “High energy costs and rising employment costs continue to act as a brake on growth, and we encourage the new administration to engage with the CBI’s proposals to tackle these issues,” Hellem said. The lobby group has already urged Burnham to make stripping green levies from business energy bills a day-one priority, with its joint blueprint with Energy UK arguing the move would cut bills by a fifth.

“Firms will also be looking for a review of the tax and regulatory system to ensure that it rewards investment and growth, rather than simply mounts further costs on hard-pressed businesses,” Hellem added. “The acid test for every major economic decision in the months ahead should be simple: will it make it easier for businesses to invest, hire, innovate and grow?”

She finished with the argument business has been making since Starmer’s exit prompted demands for an end to “drift and delay”: “Ultimately, tackling the cost-of-living crisis goes hand in hand with tackling the cost of doing business. If the government wants higher employment, lower inactivity and stronger public finances, it must create the conditions that give firms confidence to invest, expand and create jobs.”

Healey once quit because the Treasury would not spend. Business owners will soon discover what he does now that the chequebook is his.

---

Mumbai: Japan’s SOMPO Insurance is in discussions to raise its stake in Universal SOMPO General Insurance to 51% from the current 34.61% by acquiring shares from existing Indian shareholders, people familiar with the talks told ET. Karnataka Bank and Dabur Investment Corp are among the other Universal stockholders in talks with the Japanese insurer, they said.

The proposed transaction would give SOMPO majority control of the joint venture, multiple sources said. “The discussions are still at an early stage. No structure has been finalised and it will depend on the willingness of existing shareholders to dilute,” said one of the people cited above.

Emails sent to SOMPO, Dabur Investment and Karnataka Bank seeking their comments remained unanswered until the publication of this report.

Besides SOMPO, Indian Bank owns 28.52%, Indian Overseas Bank 18.06%, Dabur Investments 12.81% and Karnataka Bank 6% in Universal SOMPO. SOMPO’s immediate objective is to cross the 51% ownership threshold, said people privy to the development.

The move comes as global insurers reassess their India strategy after the government liberalised foreign direct investment (FDI) norms in the insurance sector.

The new framework allows overseas insurers to fully own Indian insurance businesses, removing the earlier requirement of having a domestic joint venture partner.
While the regulatory change has made India more attractive for global insurers, securing additional stakes in existing ventures remains challenging as most domestic partners are strategic investors and the business has been performing well. Universal SOMPO has emerged as one of the faster-growing mid-sized general insurers in recent years.The company has expanded its gross written premium from around ₹2,500 crore six years ago to over ₹6,000 crore, while remaining profitable for the past five years and paying dividends for the last four. Its earnings before tax have also improved sharply over the period. The insurer has grown at 18% in FY26, growing faster than the industry, which grew at 9%.

The insurer requires additional capital over the next few years to support growth, maintain solvency and invest in technology and new product development as it expands its motor, health and commercial insurance businesses.

For SOMPO, increasing its ownership would provide greater operational flexibility and strengthen its position in one of the world’s fastest-growing insurance markets.

Asian equities advanced after three days of losses as a selloff in chip stocks eased ahead of megacap tech earnings this week.

The MSCI Asia Pacific Index rose 0.5%, with the Nikkei 225 Stock Average climbing 1.5% as trading resumed after a holiday Monday. Stocks in South Korea erased earlier losses to edge 0.2% higher. Earlier, a gauge of chip stocks in the US rebounded from last week’s selloff.

Elsewhere, the Canadian dollar held steady after the Trump administration vowed to impose a fresh 50% tariff on some of the country’s goods. The pound held its losses from the previous session as UK’s new prime minister Andy Burnham named former Defense Secretary John Healey to be his Chancellor of the Exchequer in a surprise move.

Brent crude fell 0.3% to about $89 a barrel as traders watched for disruptions to Saudi Arabian exports after Houthi rebels threatened to blockade a key export route through the Red Sea. Worries that higher energy costs could boost inflation spurred bond losses in the last session.

Elevated oil prices and escalating Middle East tensions are giving investors another reason for caution, adding to the rotation out of technology stocks after this year’s blistering rally. Focus is now shifting to megacap earnings later this week for clues on whether the AI-driven advance can be sustained.

“The Iran situation continues to roil markets,” said veteran strategist Louis Navellier. “This is holding back the stock gains that should be expected given the strong earnings trends.”
This week brings the first results from the US megacaps, and pressure is building for the companies to justify AI investments. Tesla Inc. and Alphabet Inc. kick off big tech’s reporting season Wednesday. Then, Microsoft Corp., Meta Platforms Inc., Apple Inc. and Amazon.com Inc. hit the following week.In geopolitical news, UK gilts declined after Burnham unnerved investors over his approach to the country’s finances. The selloff on Monday pushed yields on long-dated gilts to their highest since late May after Burnham said he will seek “any flexibility” while following the government’s borrowing and spending rules.

Tariff concerns resurfaced after the Trump administration vowed to impose a fresh 50% levy on some Canadian goods, citing what it called unfair treatment of American alcohol, cars and dairy products, further inflaming trade tensions between the two neighbors.

If Trump follows through with the levies, which are set to take effect in 30 days, the move would mark one of the most severe trade actions he’s taken against the US’s second-largest trading partner.

Attention, however, remains firmly on the Middle East as US forces struck Iranian targets after President Donald Trump vowed Tehran “will pay” for killing three US soldiers.

On Monday, the Iran-backed Houthis said they would impose a ban on maritime traffic from Saudi Arabia, threatening the Red Sea route that has allowed the kingdom to export millions of barrels of crude a day via its cross-country pipeline bypassing the Strait of Hormuz.

Saudi Arabia said it would take all necessary measures to protect its ships following the threats by the Tehran-backed Houthi militants in Yemen.

“For stocks to rebound, we need some solid earnings from the key tech names this week, and de-escalation in Iran wouldn’t hurt,” said Tom Essaye at The Sevens Report.