US-Iran Talks on Hormuz Strait Underway as Oil Prices Swing and Energy Companies Post Record Profits
US Treasury Secretary Scott Bessent said a deal with Iran to reopen the Strait of Hormuz could come within days. Oil prices fell sharply before recovering, while BP reported its highest quarterly profit since 2022, and Trump publicly criticized energy companies for benefiting from the conflict.Negotiations between the United States and Iran over reopening the Strait of Hormuz are ongoing, with Treasury Secretary Scott Bessent stating a deal could be reached within a day or two. Iran has denied that formal talks are underway, and the two sides appear to differ on the terms of a June memorandum of understanding, leaving the outcome uncertain. Attacks in the Strait continue despite the diplomatic activity.
Oil markets have been volatile throughout the conflict. Brent crude was trading around $70 per barrel before the first US-Israeli strikes at the end of February, climbed as high as the $90s by late April, then fell roughly 7% in a single session after Trump signaled a pause in strikes, before partially recovering. The mixed signals from diplomacy have left traders uncertain about how to price the ongoing disruption.
Saudi Aramco warned that global oil inventories are low and refineries are under significant strain, saying the world has lost more than 2.6 billion barrels of supply due to disruptions triggered by the conflict. BP reported quarterly profits of $5.73 billion for the second quarter — more than double the same period last year and the company's highest quarterly profit since Russia's invasion of Ukraine in 2022. ExxonMobil and Chevron also reported strong earnings.
Trump publicly criticized major oil companies for profiting from the conflict, suggesting they would return some gains, though he offered no specific policy mechanism. The remarks came as US stocks approached record highs, with the S&P 500 buoyed by strong corporate earnings even as investors weighed ongoing war risk and concerns about large-scale corporate spending on artificial intelligence.
Trump Describes Ongoing Iran Talks as Final Opportunity Before Military Escalation
President Trump said current diplomatic efforts represent Iran's last opportunity to reach a deal, adding that he called off planned strikes over the weekend at the request of Gulf allies. He has issued and then reversed strike orders multiple times during the conflict.President Trump described ongoing negotiations with Iran as a final opportunity to reach an agreement before new military action, while acknowledging that Gulf state allies asked him to stand down from strikes planned over the weekend. The pattern of threatening and then withdrawing strike orders has occurred multiple times since the conflict began.
Trump's remarks came as Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz — closed to commercial shipping since Iranian forces began blocking transit — could be finalized within a day or two. Iran has disputed that substantive talks are underway, and the two governments appear to hold differing interpretations of a memorandum of understanding reached in June.
The Strait of Hormuz is one of the world's most critical shipping chokepoints, handling a significant share of global oil exports. Its continued closure has driven oil prices sharply higher and contributed to fuel and consumer goods inflation in the United States and internationally. The diplomatic situation remains unresolved, with both sides offering conflicting characterizations of where negotiations stand.
At Least 72 Dead After Mass Border Crossing at Spanish Enclave of Ceuta; Most Migrants Return to Morocco
At least 72 people died during a large-scale attempted border crossing into Ceuta, the Spanish enclave on Morocco's northern coast. Spanish authorities report that approximately 70,000 of the estimated 72,000 migrants who crossed have since returned to Morocco.At least 72 migrants died during a mass crossing attempt into Ceuta, the Spanish territory bordering Morocco on the North African coast. Spanish authorities say approximately 70,000 of the estimated 72,000 people who entered Ceuta have since returned to Morocco, leaving a much smaller number remaining inside the enclave.
The crossing has renewed political tensions across Europe over migration policy. EU officials noted it was too early to assess reports about disinformation campaigns connected to the event. Ukraine's foreign minister had previously flagged concern about Russian networks spreading misleading information on migration issues in Europe.
Ceuta has been a focal point for migration pressure for years, as one of only two land borders between Africa and the European Union. Previous mass crossings, including a major event in 2021, prompted urgent diplomatic exchanges between Spain and Morocco. The scale of the current crossing and the death toll make it among the most significant such events in recent years, with implications for EU-Morocco relations and European migration policy discussions.
Bombing at Moscow Restaurant Kills Three and Injures 21; Incident Described as Targeted Attack
A bomb detonated at an upscale restaurant in Moscow on Saturday, killing three people and injuring 21. Moscow's mayor described the attack as a targeted act and vowed to pursue those responsible. Reports indicate a senior Russian military official was present at the location.A bomb carried on a person's body detonated inside an upscale Moscow restaurant on Saturday, killing three people and injuring 21 others. Moscow Mayor Sergei Sobyanin described the attack as a deliberate act and said authorities were working to identify those responsible.
Reports indicate the attack may have been targeting a senior Russian military official who was present at the restaurant for a private gathering, though this has not been officially confirmed. Security analysts noted the incident could indicate vulnerabilities in the protection around Russia's military leadership, particularly as the government has sought to project normalcy in Moscow despite the ongoing war in Ukraine.
No group has publicly claimed responsibility. The attack follows a pattern of incidents inside Russia that have been attributed — by Russian officials and independent analysts alike — to Ukrainian operations or Russian domestic opposition. The Kremlin has not offered a formal public statement on the incident as of the time of reporting.
Russia Targets Ukrainian Fuel Infrastructure as Ukraine Expands Long-Range Strike Capability
Russia has carried out drone strikes on hundreds of Ukrainian gas stations, a pattern analysts describe as retaliation for Ukrainian attacks on Russian oil refineries. Ukraine has simultaneously expanded its ability to strike targets deeper inside Russian territory while facing continued vulnerability in its own cities.Russian drone attacks have struck hundreds of fuel stations across Ukraine in what analysts describe as deliberate retaliation for Ukrainian strikes on Russian oil refinery infrastructure. The targeting of gas stations — which have served as informal social gathering points in Ukrainian communities throughout the war — represents a shift in the pattern of Russian infrastructure strikes.
At the same time, Ukraine has developed greater capacity to conduct long-range strikes inside Russia. Ukrainian operations have reached targets at increasing distances from the front lines, putting pressure on Russian logistics and energy infrastructure. However, analysts note a strategic tension: Ukraine's expanded offensive reach has not been matched by improved defenses for its own cities and civilian population, which remain exposed to Russian missile and drone attacks.
Ukraine has separately requested an additional 300 Patriot air defense interceptors from its Western partners, according to statements from President Zelenskyy. Investigations into the adequacy of public bomb shelters in Ukrainian cities are ongoing following reported deficiencies. The war is now in its fifth summer, with neither side having achieved a decisive military advantage.
Cyberattacks Hit Water Systems in at Least Seven States; Federal Authorities Point to Iran
Federal authorities say malicious cyberattacks have targeted water and wastewater facilities in at least seven states, with Minnesota reporting 30 affected systems. Federal officials believe Iran is the likely source of the attacks, which CISA had warned about weeks earlier.The FBI and other federal agencies have confirmed that cyberattacks targeted water and wastewater systems in at least seven US states. Minnesota reported the most significant impact, with approximately 30 water utilities affected, leading to service disruptions. The Cybersecurity and Infrastructure Security Agency had issued warnings about vulnerabilities in programmable logic controllers used in water systems weeks before the attacks occurred.
Federal officials now believe Iran is likely responsible for the coordinated attacks, though a formal attribution has not been publicly confirmed. The attacks are consistent with a broader pattern of Iranian cyber activity targeting US critical infrastructure that has intensified since the start of the US-Iran military conflict.
Water infrastructure is considered among the most critical and most vulnerable categories of US infrastructure. The attacks highlight an ongoing gap between the sophistication of threats and the cybersecurity resources available to smaller municipal water systems, many of which operate with limited IT staff and aging equipment. Authorities have not disclosed whether any attacks resulted in contamination of water supplies or extended outages beyond initial disruptions.
Todd Blanche Advances Toward Attorney General Confirmation After Deal with GOP Senators
Acting Attorney General Todd Blanche secured support from two Republican holdout senators — John Cornyn and Thom Tillis — after committing in writing to eliminate a $1.8 billion Department of Justice fund and providing assurances about the handling of a lawsuit involving Trump's tax returns.Acting Attorney General Todd Blanche cleared a significant hurdle in his Senate confirmation process after reaching an agreement with Republican Senators John Cornyn of Texas and Thom Tillis of North Carolina, who had been withholding their support. The Senate Judiciary Committee then moved to a vote on the nomination.
The deal required Blanche to put in writing that the Department of Justice would eliminate a $1.8 billion fund described as an 'anti-weaponization' reserve. He also provided written assurances regarding the settlement of a lawsuit filed by President Trump against the Internal Revenue Service over the leak of his tax returns — the specific terms of those assurances have not been fully detailed publicly.
Blanche has been serving as acting attorney general since the start of the administration. His path to permanent confirmation had been complicated by demands from within his own party, reflecting broader tensions within the Republican caucus over the direction of the Justice Department. The full Senate vote is the next step in the confirmation process.
Federal Medicaid Work Requirements Leave Homeless People Without Exemption
The federal government's new Medicaid work requirements include a list of exemptions for vulnerable populations but do not include homeless people, leaving many without coverage despite longstanding assurances from advocates of work requirements that the most vulnerable would be protected.The federal Medicaid work requirements now in effect include categories of exemptions for vulnerable populations but do not list homeless people as exempt. Advocates who have long supported work requirements argued that truly vulnerable individuals would be protected under such policies, making the omission notable.
In states where the requirements are being implemented, including Montana, homeless individuals who cannot document employment, job training, or other qualifying activity risk losing Medicaid coverage. Homeless populations face particular difficulty meeting documentation requirements and accessing the administrative systems needed to demonstrate compliance or apply for exemptions.
Medicaid is the primary source of health coverage for many low-income Americans, including a significant share of homeless individuals who rely on it for mental health treatment, substance use services, and emergency care. Gaps in coverage for homeless people are likely to increase reliance on emergency rooms and reduce access to preventive care, according to health policy researchers. The policy is currently being challenged in multiple states.
States Ask Supreme Court to Preserve Limits on Executive Order Restricting Mail-In Voting
States challenging a presidential executive order on mail-in voting have asked the Supreme Court to keep in place lower court limits on the order's implementation while litigation continues.A coalition of states challenging a presidential executive order that imposes new restrictions on mail-in voting has asked the Supreme Court to maintain lower court injunctions limiting the order's implementation while the legal dispute works through the courts.
The timing of the case is significant: if the Court allows the order to take effect before litigation concludes, it could affect upcoming elections and potentially be difficult to reverse. Opponents of the order argue that the new requirements would reduce voter access and disproportionately affect certain populations.
The Supreme Court has not yet indicated how it will respond to the emergency request. Mail-in voting rules have been a persistent area of legal and political contestation since 2020, with ongoing disputes over federal versus state authority to regulate voting procedures. The outcome could affect how tens of millions of Americans cast ballots in upcoming elections.
Federal Judge Temporarily Blocks New York Law Requiring ICE Agents to Remove Masks
A federal judge has issued a temporary block preventing New York from enforcing a state law that required ICE and other federal agents to remove face coverings and display identification during enforcement operations.A federal judge granted a temporary injunction blocking New York State from enforcing a law that required federal immigration agents and other federal officers to remove masks and display identification while conducting operations. The ruling prevents enforcement of the law while legal proceedings continue.
The law was passed by New York's legislature in response to incidents in which masked individuals conducting immigration enforcement operations could not be identified by witnesses or subjects of enforcement. Federal authorities argued the law unconstitutionally interfered with federal law enforcement operations and could compromise agent safety.
The legal dispute is part of a broader set of conflicts between New York State and the federal government over immigration enforcement practices. Courts have previously ruled on related questions about the extent to which states can regulate the conduct of federal law enforcement within their borders.
Markets have trended gradually higher over the past week.
Coalition of Democratic Attorneys General and Governors File New Lawsuit Over Federal Tariffs
California Attorney General Rob Bonta is co-leading a new multistate lawsuit against the Trump administration challenging its tariff policies. More than two dozen states are participating in legal challenges to the tariffs.California Attorney General Rob Bonta is co-leading a new lawsuit filed by a coalition of Democratic attorneys general and governors against the Trump administration over its tariff policies. The action is part of a broader wave of legal challenges: more than two dozen states are now pursuing litigation contesting the administration's authority to impose the tariffs.
The lawsuits generally argue that the executive branch exceeded its authority in imposing broad tariffs without sufficient congressional authorization, or that the specific legal statutes invoked do not permit the scope of tariffs applied. The administration has defended the tariffs as a legitimate exercise of executive trade authority.
The tariffs have affected a wide range of imported goods and have been a source of significant economic uncertainty for businesses and consumers. Several courts have issued varying rulings on related challenges, and the legal questions are expected to reach federal appellate courts and potentially the Supreme Court.
US Trade Deficit Narrowed in June as Both Imports and Exports Declined
The US trade deficit decreased in June as both imports and exports fell back from elevated levels recorded in May, according to Commerce Department data.The United States trade deficit narrowed in June as import and export volumes both declined from the high levels seen in May, according to data released by the Commerce Department. The pullback follows a period in which companies and consumers accelerated purchases ahead of anticipated tariff changes.
The June figures reflect a normalization after May's unusually busy trade activity, rather than a structural shift in trade patterns. Economists note that tariff-related front-loading — where importers rush goods into the country before new duties take effect — can distort monthly trade data significantly, making single-month comparisons less informative than longer trends.
The trade deficit remains a closely watched indicator of US economic conditions and is a central concern of the administration's tariff and trade policy.
Hospitals Report Rise in Uninsured Patients Following End of Enhanced ACA Subsidies
Hospitals across the country are reporting increases in uninsured patients and unpaid bills after congressional Republicans ended enhanced federal subsidies for Affordable Care Act marketplace plans, leading more people to lose coverage and seek care in emergency rooms.Hospitals are reporting a measurable increase in uninsured patients following the elimination of enhanced federal subsidies for Affordable Care Act marketplace insurance plans. People who lost marketplace coverage as a result are now seeking care through emergency departments and are frequently unable to pay for treatment.
The enhanced subsidies, which had been in place since 2021, reduced monthly premiums for millions of Americans purchasing insurance through ACA exchanges. Their elimination was included in the budget legislation passed by congressional Republicans. Enrollment on ACA marketplaces fell after the subsidies ended, as plans became less affordable for many lower- and middle-income households.
Hospitals, which are legally required to provide emergency care regardless of ability to pay, absorb uncompensated care costs. A rise in uninsured patients increases financial pressure on hospital systems, particularly safety-net facilities that serve large proportions of low-income patients. Health economists have long noted that uninsured individuals tend to delay care until conditions worsen, resulting in more expensive treatment and poorer outcomes.
Two Deaths Reported in Michigan Linked to Ongoing Cyclosporiasis Outbreak
Michigan health officials have reported the first US deaths connected to a cyclosporiasis outbreak that has affected multiple states. Cyclosporiasis is an intestinal illness caused by a microscopic parasite typically found in contaminated food or water.Michigan health officials reported two deaths linked to a cyclosporiasis outbreak, marking the first fatalities in the United States associated with the current outbreak. Cyclosporiasis is an intestinal illness caused by the parasite Cyclospora cayetanensis, which is typically transmitted through consumption of contaminated food or water.
The outbreak has been reported across multiple states. Treatment for cyclosporiasis relies on a specific antibiotic combination, and some patients with allergies to that medication face more limited treatment options, as illustrated by at least one reported case in Chicago where a patient's allergy complicated care.
Health officials have not publicly identified a single confirmed food source responsible for the outbreak as of the time of reporting. Cyclosporiasis outbreaks in the United States have historically been linked to imported fresh produce. Symptoms include prolonged diarrhea, fatigue, and weight loss, and can be severe in older adults and immunocompromised individuals.
Spent SpaceX Rocket Stage Set to Impact the Moon Wednesday Morning
The second stage of a SpaceX Falcon 9 rocket, launched last year carrying two private lunar landers, is projected to collide with the moon early Wednesday. Astronomers say the impact may yield useful data about the lunar surface.A discarded upper stage from a SpaceX Falcon 9 rocket is on a trajectory to strike the moon early Wednesday morning. The rocket stage was used in a mission last year that sent two privately developed lunar landers toward the moon and has been on an uncontrolled trajectory since.
Astronomers have tracked the object's path and calculated the impact location and approximate timing. While unplanned, the collision is expected to create a crater and eject material that could provide scientists with information about the composition of the lunar subsurface at that location. The moon's surface has been shaped by countless similar impacts over billions of years.
The event draws renewed attention to the growing volume of human-made debris in cislunar space — the region between Earth and the moon — as commercial and government lunar missions increase in frequency. There are currently no internationally binding agreements governing disposal of rocket hardware that reaches lunar orbit.
Spokane Wildfires Destroy at Least 600 Structures, Displace 60,000; Arson Suspect Arrested
Wildfires burning in and around Spokane, Washington have destroyed at least 600 structures and forced roughly 60,000 people to evacuate. A suspect has been arrested in connection with one of three fires in the area.Multiple wildfires burning in and around Spokane, Washington's second-largest city, have destroyed at least 600 homes, businesses and other structures and forced approximately 60,000 residents to evacuate. Firefighters from federal and local agencies continue to battle the blazes, which began over the weekend.
Authorities arrested a suspect in connection with one of the three active fires in the Spokane area. That fire is being investigated as arson. The causes of the other two fires have not been publicly confirmed.
Spokane sits in eastern Washington, a region that has seen increasing wildfire activity in recent years as summer temperatures rise and drought conditions become more frequent. The scale of destruction — affecting a significant portion of a city of roughly 220,000 people — has stretched the capacity of both local and state emergency response agencies. Evacuation orders remain in effect for parts of the city and surrounding areas as firefighting efforts continue.