Oil prices rose over 2% on Wednesday after the United States carried out airstrikes on Iran and reinstated sanctions on Iranian crude sales, reigniting concerns over the stability of the Middle East ceasefire and the risk of fresh supply disruptions.

Crude oil price on July 8

Brent crude futures climbed $1.62, or 2.16%, to $76 a barrel, while U.S. West Texas Intermediate crude gained $1.63, or 2.31%, to $72 a barrel. Both benchmarks had already advanced about 3% on Tuesday after the United States withdrew the general licence that had allowed the sale of Iranian crude following the vessel attacks.

“U.S. Central Command forces have begun launching a series of powerful strikes against Iran to impose heavy costs for targeting and attacking commercial shipping crewed by innocent civilians in an international waterway,” CENTCOM said in a post to X.

According to the U.S. Central Command, the strikes were launched in response to Iranian attacks on three commercial vessels passing through the Strait of Hormuz. The waterway is a critical route for transporting crude oil from the Middle East to global markets.

Analysts said the latest escalation has reminded markets that shipping through the Strait of Hormuz remains vulnerable. The renewed tensions have also challenged the prevailing expectation that global oil markets were heading into oversupply, prompting traders with large short positions to reassess their bets.

Also read: Iran promises a ‘decisive’ answer to US strikes
Iran did not claim responsibility for the attacks on the vessels. However, Qatar blamed Iran for the incidents, including an attack on a Qatari liquefied natural gas tanker that was struck by a drone, triggering a fire in its engine room. A Saudi-flagged crude oil tanker, believed to be the supertanker Wedyan, was also reported damaged off the coast of Oman, although maritime security sources said the cause was not immediately known.
The incidents have once again raised concerns over shipping through the Strait of Hormuz, which handled cargoes equivalent to about one-fifth of global energy supply before the war began in February.
Oil prices had retreated to pre-war levels after the United States and Iran reached a truce last month. The decline encouraged traders to build sizeable short positions in oil futures on expectations that delayed Middle East supplies would soon return to the market.

Where are prices headed?

Industry experts said normal operations in the strait are unlikely to resume quickly. They noted that restoring regular traffic would require coordinated vessel movements, restarting oil wells, repairing damaged infrastructure and agreements on de-mining operations. Several shipowners also continue to remain cautious about resuming operations in the Strait of Hormuz and the broader Persian Gulf.

Analysts also said global oil inventories were drawn down during the prolonged disruption to shipping through the strait and will take time to rebuild. They expect inventories to remain under pressure until additional crude supplies from the Gulf begin reaching international markets.

Read more: US strikes Iran & blocks oil sales in new threats to ceasefire

Last month, Saudi Aramco Chief Executive Officer Amin Nasser had warned that any prolonged disruption in the Strait of Hormuz could delay the return of stability in global oil markets until 2027. According to him, an extended disruption could affect nearly 100 million barrels of oil supply every week. Saudi Aramco is the world’s largest oil producer.

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

Cleveland Cavaliers star Donovan Mitchell has agreed to a four-year, $273 million maximum contract extension with the franchise, according to ESPN’s Shams Charania, cementing his long-term future with the team on the very first day he became eligible to sign a new deal.

The extension, confirmed to ESPN by CAA’s co-head of basketball, Austin Brown, includes a player option for the 2030-31 season and a full trade kicker. Mitchell was entering the final guaranteed season of his existing contract, which had included a player option for 2027, an option now effectively replaced by the terms of the new agreement.

According to ESPN’s Bobby Marks, Mitchell could have waited until next summer to sign a longer deal worth an additional $80 million, a five-year, $353 million contract. Instead, the 29-year-old guard chose to commit immediately, opting for the earlier and comparatively smaller extension as what Charania described as a deliberate signal of his intention to remain with the Cavaliers for the long term.

Mitchell has repeatedly expressed his affection for Cleveland since arriving via trade from the Utah Jazz in the 2022 offseason, and Tuesday’s agreement marks the second contract extension he has signed since joining the franchise. His decision to commit early comes roughly six weeks after Cleveland’s season ended in disappointing fashion, with the Cavaliers swept by the New York Knicks in the Eastern Conference finals. Speaking to reporters following that elimination on May 26, an emotional Mitchell acknowledged the difficulty of the moment while pledging to return stronger. “I’m sorry for the city of Cleveland,” Mitchell said at the time. “For it to be like this and the sweep. That’s ass. But I told y’all last year, and I’ll say again, we’ll be back. We’ll be ready. We’ll be hungry. And we’ll be locked in.”

Cavaliers owner Dan Gilbert and president of basketball operations Koby Altman engaged in discussions with Mitchell and his representative once he became eligible for the new extension, and the two sides reached terms quickly on what represents one of the most significant roster decisions facing the franchise this offseason. Mitchell has played a central role in Cleveland’s efforts to build a contending roster in recent seasons, and his decision to re-commit removes a major element of uncertainty from the team’s long-term planning.

The extension also carries potential implications for one of the NBA’s most closely watched storylines this summer. According to sources cited by ESPN, Mitchell would welcome the opportunity to play alongside LeBron James should the four-time MVP choose to sign with Cleveland as a free agent. The Cavaliers are considered among several leading suitors for James, joining the Miami Heat, Golden State Warriors, Philadelphia 76ers and Minnesota Timberwolves in pursuit of the future Hall of Famer, who informed the Los Angeles Lakers earlier this offseason that he intends to play elsewhere for the 2026-27 season. A potential reunion between James and the franchise where he began and later returned to his career would add another dimension to a Cavaliers roster already anchored by Mitchell’s long-term commitment.

Since arriving in Cleveland, Mitchell has established himself as one of the league’s premier guards. He has earned All-Star selections in each of his four seasons with the Cavaliers and has been named to the All-NBA team three times, including a first-team selection in 2025 and second-team honors in both 2023 and 2026. Over his Cleveland tenure, Mitchell has averaged 26.7 points, 5.3 assists and 4.6 rebounds per game, helping guide the Cavaliers to the playoffs in each of his four seasons after the franchise had missed the postseason for four consecutive years prior to his arrival. This past season marked a significant milestone for Mitchell personally, as Cleveland advanced to the Eastern Conference finals for the first time in his nine-year NBA career before falling to New York.

Mitchell’s extension arrives amid a broader wave of roster activity across the league this offseason, with ESPN’s Ben Golliver recently examining some of the year’s biggest overreactions to NBA free agency moves, including deals involving the Lakers, Celtics, Jazz and Grizzlies. Elsewhere around the league, Denver Nuggets star Nikola Jokic has opted to wait until next summer before pursuing his own contract extension with the Nuggets, while Boston Celtics president Brad Stevens has described a “challenging” path that led the team to trade Jaylen Brown to Philadelphia earlier this offseason.

For Cleveland, Mitchell’s decision to commit long-term provides a measure of stability following a turbulent stretch that included the team’s disappointing playoff exit and continued questions about the roster’s ceiling in a competitive Eastern Conference. With Mitchell now locked in through at least the 2029-30 season, and with a player option extending his potential tenure through 2030-31, the Cavaliers have secured their franchise cornerstone for the foreseeable future as they continue building toward what both Mitchell and the organization hope will eventually be a championship-caliber roster.

Mitchell’s willingness to forgo a potentially larger contract in order to sign immediately has been interpreted by league observers as a strong statement of his commitment to the Cavaliers organization and to the city of Cleveland specifically, particularly given his repeated public comments about his affinity for the team since his 2022 arrival. With the extension now finalized, attention around the Cavaliers is likely to shift toward the team’s broader offseason roster-building efforts, including the ongoing pursuit of James, as Cleveland looks to build on last season’s breakthrough conference finals appearance and push further into championship contention for the 2026-27 season.

Strategy MSTR -3.38%decrease; down pointing triangle, the bitcoin-hoarding company led by Chairman Michael Saylor, is caught in a math trap of its own making.

Saylor has trained investors to believe Strategy’s model for acquiring bitcoins would work so long as the market valued the company at a premium to the value of its bitcoin holdings. Effectively, the company’s overvalued stock became a currency to buy bitcoin.

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Two lots of Pedigree-branded dog food were recalled over the potential presence of metal and plastic.

Mars Petcare US issued the voluntary recall July 2 for 13.2-ounce cans of High Protein Chopped Chicken & Duck Flavor for dogs, according to a company announcement.

The affected products include lot codes 613C3KKCFC and 613C1KKCFC.

SHAMPOO RECALLED OVER POTENTIAL BACTERIA CONTAMINATION, INFECTION RISK

The recalled items did not meet Mars and Pedigree safety and quality standards, the company said. As part of the quality control process all Pedigree products go through, these two lots were sent to a third-party vendor for destruction.

But Mars later discovered that the product had been fraudulently diverted and sold into the U.S. marketplace.

“The potential presence of sharp metal and plastic foreign material in the cans could pose a hazard to your dog,” the company announcement reads.

The company warned that health risks to dogs ingesting sharp foreign objects can include choking and lacerations or blockages in the gastrointestinal tract.

Anyone who purchased the affected dog food is instructed not to feed it to their pet and to contact Pedigree for a replacement.

Consumers concerned after feeding the recalled product to a dog are urged to contact a veterinarian.

CHECK YOUR AC: 13,000 UNITS RECALLED OVER FIRE RISK

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The company said no illnesses or injuries have been reported.

“Mars is working with authorities to determine how these products entered the marketplace. We are committed to protecting pets and helping consumers identify and remove the affected products from use,” the company said.

Mounjaro and Wegovy – the UK’s most popular weight-loss medications – work by mimicking a natural hormone, GLP-1, which regulates hunger, and those who use then say they find their appetite is reduced.

In June, market research company Worldpanel by Numerator published a study looking at how this affects grocery spending among UK users. The research was based on survey responses and observed purchase data from more than 11,000 households in February.

A key finding was that households with at least one GLP-1 user spent on average £418 less on groceries in the year after they began their medication, compared with non-users.

This amounted to a fall of £780m in grocery spending nationally, it estimated.

It chimes with a peer-reviewed study from Cornell University, external published last year, which found that US households with at least one member using weight-loss drugs spent 5% less on groceries within six months of starting the medication, with that rising to 8% among higher income families.

TORONTO — Kyle Lowry, the fiery point guard who anchored the Toronto Raptors’ 2019 NBA championship run, officially retired Tuesday after signing a one-day contract with the franchise where he became a six-time All-Star and beloved icon.

The 40-year-old Lowry, one of just 12 players in NBA history to reach 20 seasons, announced his decision on social media with a video message, fulfilling a long-stated vow to end his playing career as a Raptor. The ceremonial signing, timed for July 7 in a nod to his No. 7 jersey, preceded a scheduled news conference in Toronto later in the day.

Lowry expressed deep gratitude in his announcement. “Thank you to my family, my friends, my teammates, my coaches, my opponents, the staff, the media and especially the fans,” he said. “It’s all about you. I appreciate you. Thank you. Thank you, Toronto. Thank you, Canada. And as I always told y’all, it’s officially happening. I’m retiring as a Toronto Raptor — 20 years and 1 day. Seven forever. I love y’all. Peace.”

The Philadelphia native spent nine seasons with the Raptors, transforming from a solid contributor acquired in a 2012 trade into the heart of a championship team. In Toronto, he averaged 17.5 points, 7.1 assists and 4.9 rebounds while earning all six of his All-Star selections and an All-NBA nod in 2015-16. His leadership, toughness and clutch play endeared him to fans who dubbed him the “GROAT” — Greatest Raptor of All Time.

“This was home,” Lowry said of Toronto. “Home is a feeling. It’s a comfort. It’s a place that you continue wanting to be there. Over and over again. It’s a place where you feel like you just belong.”

Lowry’s career began after a standout college stint at Villanova, when the Memphis Grizzlies selected him 24th overall in the 2006 draft. He also played for the Houston Rockets and Miami Heat before his impactful years in Toronto. He returned to his hometown Philadelphia 76ers for the final season of his career, appearing in 14 games.

His NBA regular-season totals include 13.8 points, 4.2 rebounds and 6.0 assists per game across 1,187 contests. Lowry ranks 14th all-time in three-pointers made with 2,209. In the playoffs, where he reached the postseason 12 times, he averaged 13.3 points, 4.2 rebounds and 5.3 assists.

The 2019 championship season stands as the pinnacle. Lowry teamed with Kawhi Leonard, Pascal Siakam, Marc Gasol and others to deliver Toronto’s first NBA title, defeating the Golden State Warriors in six games. His playoff performances that year, including gritty defense and timely scoring, cemented his legacy in Canadian basketball history.

Beyond the court, Lowry represented the United States at the 2016 Rio Olympics, winning gold. He has already transitioned into media, joining Prime Video as an analyst last year. His basketball intelligence and candid perspective are expected to serve him well in broadcasting.

Tributes flooded in immediately after Lowry’s announcement, highlighting his impact on and off the court. Teammates, coaches and fans praised his competitive fire, community involvement and role in elevating the Raptors franchise from contender to champion.

The Raptors organization expressed appreciation for Lowry’s contributions. His tenure helped establish a winning culture in Toronto and boosted the popularity of basketball across Canada. Lowry’s charity work, particularly through his foundation supporting youth education and sports, left a lasting mark in the city he embraced as home.

Lowry’s retirement leaves Chris Paul as one of the few remaining point guards with 20 seasons under their belt, with Mike Conley Jr. set to join that group this coming season. The milestone underscores Lowry’s durability and consistency in a physically demanding position.

Financially, Lowry earned well over $200 million in his career, but his value transcended salary. Known for his leadership in the locker room and willingness to embrace physical play, he set an example for teammates. His partnership with DeMar DeRozan in earlier Toronto years helped build the foundation for later success.

The one-day contract allows Lowry to retire officially with the Raptors, a gesture the organization has extended to other franchise legends. It ensures his name remains tied to the team’s championship era in official records and jersey retirements that may follow.

Looking back, Lowry’s journey from undrafted free agent expectations to perennial All-Star exemplifies perseverance. Early career stops in Memphis and Houston built his skills before the move north unlocked his full potential. In Toronto, he developed into a floor general capable of carrying teams through adversity.

The NBA landscape has changed dramatically since Lowry’s debut. From the analytics revolution to the rise of superteams and the three-point emphasis, he adapted throughout. His shooting evolution, from mid-range specialist to respected long-range threat, mirrored broader league trends.

Off the court, Lowry became a prominent voice in player empowerment and social issues. His experiences as a veteran leader informed younger generations navigating NIL deals, media scrutiny and business ventures.

As the league prepares for the next season, Lowry’s absence will be felt in Toronto and across the NBA. The Raptors, under new direction, will look to build around emerging talent while honoring past successes. Lowry’s No. 7 may one day hang in the rafters at Scotiabank Arena alongside other franchise greats.

For Canadian basketball, Lowry’s career represents a golden era. His success helped inspire a wave of talent from the country, contributing to its growing presence in the NBA. Programs benefiting from his foundation continue to nurture the next generation of players.

Lowry’s post-retirement plans include family time, media work and possibly front-office or coaching roles down the line. His basketball acumen and competitive insight make him a valuable asset in various capacities.

The announcement on 7/7 carried symbolic weight, reflecting Lowry’s connection to his jersey number and the city. It provided a fitting, emotional close to a career defined by loyalty, resilience and achievement.

NBA Commissioner Adam Silver and fellow players offered congratulations on a career well played. Lowry’s impact extended beyond statistics, embodying the grit and joy of the game.

As tributes continue, one theme emerges: Kyle Lowry didn’t just play in Toronto — he became part of its fabric. From the championship parade to community events, his presence elevated the franchise and the sport in Canada.

The Raptors will likely host a formal retirement ceremony later, giving fans a chance to celebrate the player who delivered their greatest moment. For now, Lowry’s message resonates: gratitude, belonging and closure.

In an era of player movement, Lowry’s commitment to retiring with the Raptors stands out. It underscores the special bond formed over nine seasons and cements his place in Toronto sports lore.

Lowry’s 20-year journey ends with satisfaction. He leaves the game having achieved what few do: a championship, All-Star honors, Olympic gold and the respect of peers. As he transitions to the next chapter, basketball fans worldwide will remember the undersized guard who played larger than life.

New York: SpaceX has no shortage of fans on Wall Street, but one analyst stands out among the rest as by far the most bullish: Raymond James‘ Brian Gesuale.

Gesuale initiated coverage on the rocket, satellite, and artificial intelligence company Tuesday with a strong buy rating and an $800 price target, the highest among Wall Street analysts and roughly 430% above where the stock is trading in Tuesday’s selloff. Should the shares hit that level, the company’s market valuation would balloon to roughly $10.5 trillion.

At the moment, SpaceX’s market valuation is less than $2 trillion. “We see the company as one of the defining industrial infrastructure companies of the 21st century,” Gesuale wrote in a note to clients on Tuesday. “Just as railroads, electric grids, and the Internet reshaped prior economic eras, we believe SpaceX is building the foundational platform for the next generation of industrial capacity.” The projection is based on some eye-popping assumptions. For example, SpaceX posted revenues of $19 billion last year. Gesuale sees that soaring to $5.2 trillion by 2035. What’s more, that growth isn’t tied to the company’s high profile rocket or connectivity segments. Rather it’s based on its nascent artificial intelligence business.

Right now, AI accounts for $16 billion of SpaceX’s revenue, up from $3 billion in 2024 when “substantially all AI revenue came from X, primarily through advertising, subscriptions, and data licensing,” Gesuale wrote. Raymond James estimates that the figure will rise to about $650 billion by 2031, “making AI the company’s largest business by revenue beginning in 2027, and by 2035 it will represent nearly 94% of SpaceX’s revenue, or $4.9 trillion, Gesuale wrote.

Shifting toward a business model that focuses on monetising compute rather than space travel is how Gesuale believes SpaceX will achieve his revenue targets. “That growth is underpinned by a rapid expansion in installed compute capacity, initially through terrestrial AI infrastructure before progressively extending into orbital compute later in the decade,” he wrote. Gesuale notes that the bullish forecasts aren’t without their risks.

In a scenario where SpaceX experiences unexpected launch failures, the stock could fall to $125, below its $135 initial public offering price. Launch failures would “raise concerns about the pace of orbital AI, Starlink Mobile, and Starship-enabled infrastructure optionality,” Gesuale said.