The United States has reached a $1.2bn deal with German company RWE to halt offshore wind projects. The payout is the latest in a series of agreements cancelling wind-energy developments. Wind power has long been derided by Donald Trump, whose administration is pursuing these cancellations.

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Record temperatures across Europe are adding fresh strain to food prices and supply chains. Heavily indebted economies are also facing another burden from the heat. Financial markets have already been roiled by an energy shock driven by the war in Iran. The worsening weather is creating yet another headache for investors and policymakers.

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Oil prices continued to rise after reports said Iran attacked what it called “hostile targets” in the Strait of Hormuz. Tehran is seeking an arrangement with Oman that would bar US ships from the strategically important waterway. The reported action and the proposed restriction are adding to pressure on energy markets. The developments center on access through the strait and Iran’s negotiations with Oman.

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Iran is seeking to prevent US and Israeli ships from using the Strait of Hormuz, according to local media reports. The proposal is part of a potential agreement with Oman to manage the strategic waterway. It would also require hostile countries to provide compensation before being permitted to use the passage. The reports indicate that negotiations between Iran and Oman are moving forward.

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The US Central Command says 49 ships have been redirected after Iran’s naval blockade resumed. The US military also reports that two additional vessels have been put out of action. The statement presents the shipping changes alongside the reported loss of those vessels. No further details are provided about the ships or the circumstances.

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Since the Iran war began, Iranian attacks on vessels in the Strait of Hormuz have disrupted shipping. A US blockade of Iranian ports has also slowed the movement of energy exports and other commodities from the Middle East. Finding an alternative route around the strait is therefore far from simple.

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An Iranian parliamentary committee is considering a preliminary bill that would prevent U.S. and Israeli vessels from transiting the Strait of Hormuz. The proposal would also cover other ships classified as “hostile.” Iran’s semi-official Fars news agency reported the review, citing a lawmaker. The measure remains at the draft stage as the committee examines it.

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A proposed arrangement between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz. Four industry sources said the plan would be difficult for shipping companies to implement. They pointed to U.S. sanctions and restrictive insurance clauses covering any payments as key obstacles to making the deal workable.

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The Trump administration is expected to turn down requests from some U.S. solar manufacturers. The companies are seeking a faster timetable for introducing a new price floor and tariff on imported polysilicon products. A person familiar with the matter said the administration is likely to reject that acceleration. The final timing for the measures was not specified.

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Nintendo significantly exceeded its first-quarter earnings estimates for the fiscal year. Strong sales of its games helped drive operating profit to 142.5 billion yen, or about $902 million, between April 1 and June 30. The company also benefited from refunds tied to US tariffs. Those refunds boosted its results, but customers are unlikely to receive any of that money, leaving the benefit with Nintendo rather than its players.

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Nintendo has reported a sharp rise in quarterly profit, driven largely by a long-awaited refund linked to Donald Trump’s tariffs. The Japanese video game company said profit climbed 53.5% to ¥147.4bn in the three months through June. That result was well above expert forecasts of ¥77.8bn. The company nevertheless recorded a decline in overall sales.

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Nintendo said its operating profit rose 150.5% to 142.6 billion yen in the April-June quarter. The Japanese games maker exceeded analyst estimates with the sharp increase. It attributed the result to brisk demand for software for the Switch 2. Refunds of U.S. tariffs also helped support the quarter’s profit.

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President Donald Trump is preparing tariffs on imported polysilicon and minimum prices for the material. The planned measures aim to encourage more polysilicon production in the US. They are also intended to support American semiconductors and solar panels that use the material. The move frames trade intervention as a way to strengthen domestic manufacturing.

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US President Donald Trump says progress has been made in dealings with Iran. He nevertheless warned that Iran would face a “hard hit” if no agreement is reached. The remarks combine an assertion that negotiations are advancing with a direct threat of consequences should a deal fail to materialise. Trump did not provide further details about the progress or the possible action in the statement.

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Biologists have warned in a new report that ships currently stranded in the Strait of Hormuz could create a worldwide ecological risk when shipping returns to normal. They say the vessels may carry invasive species to locations around the globe after movement through the waterway resumes. The warning focuses on the possible spread of non-native organisms linked to the ships’ prolonged stay and later departure.

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US leader Donald Trump said the Strait of Hormuz would be opened again very soon. He described the discussions as very good, signalling confidence that an agreement could lead to the waterway’s reopening.

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Oil prices extended their decline for a third consecutive day as signs of progress raised optimism that an agreement could reopen the Strait of Hormuz. Such a deal could release supplies currently held up in the Persian Gulf. The market is focusing on whether negotiations can restore passage through the strategic waterway. The move follows two days of earlier losses.

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The United States is preparing to announce an agreement with Iran and Oman concerning the Strait of Hormuz on Wednesday, Axios reports. The news portal says the deal could remain in effect for more than 60 days. No other terms of the proposed arrangement are described. The development concerns coordination among the three countries over the strait.

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The Reserve Bank of India left its policy repo rate unchanged at 5.25% on Wednesday, in line with expectations. The central bank is waiting for more data before deciding whether rising oil prices are adding to inflationary pressure. The assessment concerns price pressures in Asia’s third-largest economy.

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Iran has warned the United States not to direct traffic in the Strait of Hormuz. The warning focuses on US activity in the strategic waterway. Tehran is objecting directly to any such role. The statement highlights tensions surrounding movement through the strait.

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Qatar says efforts to mediate between the United States and Iran are continuing. Signals from Washington and Tehran have been contradictory. Tehran has rejected President Trump’s assertion that talks are already under way. Qatar’s statement indicates that, despite the mediation effort, no direct US-Iran discussions are currently planned.

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Oil prices declined as hopes grew that the Strait of Hormuz might reopen. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent each said talks had advanced. The discussions are aimed at enabling shipments to resume. Their announcements helped strengthen expectations of renewed passage through the strategic waterway.

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Big Oil companies are reporting extraordinarily large profits while the Iran war disrupts energy flows. The critical Strait of Hormuz remains closed, creating a stark backdrop to the industry’s financial gains. The combination of a major wartime disruption and record earnings raises questions about how oil producers are benefiting as the key waterway stays shut.

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US Treasury Secretary Scott Bessent says an agreement between the United States and Iran could be concluded as early as August 4-5. He says the arrangement would guarantee freedom of navigation through the waterway. The statement presents the prospective deal as addressing passage through the waterway and the two countries’ negotiations.

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