Oil Prices Slide as Hopes Rise for Strait of Hormuz Reopening
Global oil prices fell to their lowest level in three weeks after senior US officials signalled progress in negotiations aimed at reopening the Strait of Hormuz, the strategic shipping lane that carries around one-fifth of the world’s oil and liquefied natural gas supplies.
Brent crude dropped nearly 5 percent to below $80 a barrel, while US West Texas Intermediate crude fell more than 5 percent to around $76. Marco Rubio, US Secretary of State, said discussions involving Iran and Oman had made significant progress, although no final agreement had been reached. Scott Bessent, Treasury Secretary suggested a deal could be concluded within days.
The Strait has remained a major source of market anxiety since Iran restricted shipping following months of conflict with the United States and Israel.
SpaceX Reports Soaring Revenue but Mounting Losses in First Earnings Release
SpaceX has released its first quarterly earnings report since listing on the US stock market, revealing strong revenue growth alongside a sharp rise in spending that pushed the company deeper into losses.
The Elon Musk-led aerospace company reported a 92 percent increase in revenue to $7.8 billion compared with the same period last year. However, operating expenses surged more than 550 percent to $18.3 billion, contributing to a net loss of $2 billion during the first half of the year. Investors reacted negatively, sending the company’s shares down nearly 9 percent in after-hours trading.
Musk defended the company’s long-term strategy, highlighting Starlink as its most profitable business after generating $1.6 billion in second-quarter revenue. He also projected rapid expansion of SpaceX’s artificial intelligence computing business, saying data centre capacity is expected to grow from 1.4 gigawatts to at least 10 gigawatts next year as demand for AI infrastructure increases.
Ukraine Strikes Wildberries Sites as Drone Attack Kills Five Near Moscow
Ukraine launched another wave of long-range drone attacks targeting facilities linked to Russian online retail giant Wildberries, while a separate strike on an industrial site south of Moscow killed at least five people and injured ten others.
Russian officials confirmed that Wildberries warehouses in the Tver and St Petersburg regions were hit, while another warehouse in Chekhov, near Moscow, caught fire after an overnight attack. Ukraine maintains the facilities are used to supply the Russian military, an allegation Moscow denies.
Russia’s Defence Ministry said it intercepted and destroyed 320 Ukrainian drones overnight, one of the largest drone barrages reported in recent months. Meanwhile, Russian missile and drone attacks across Ukraine killed at least four people, underscoring the continued escalation of long-range strikes by both sides.
Several Commonwealth Games Athletes Reported Missing After Glasgow Event
Police in Scotland are investigating reports that several athletes who competed at the Commonwealth Games in Glasgow failed to return home with their national teams after the event concluded.
Among those reported missing are four members of Uganda’s boxing team, with local media reporting that at least one athlete intends to seek asylum in Scotland. Pakistani boxer Qudratullah has also reportedly disappeared after failing to board his team’s return flight.
Authorities said inquiries are ongoing in coordination with the UK Home Office. Similar incidents occurred after previous Commonwealth Games, including Glasgow 2014, when dozens of athletes either claimed asylum or disappeared after the competition.
Iran Seeks Greater Control Over Strait of Hormuz Shipping
Iran is seeking greater authority over commercial shipping through the Strait of Hormuz as part of temporary negotiations with Oman to reopen the critical maritime corridor, according to a senior Iranian source.
Under the proposal, Iran would oversee inbound vessels entering the Gulf while maintaining visibility over outbound traffic, with Oman handling final clearance for ships leaving the waterway. Tehran reportedly considers the arrangement a compromise after previously demanding full control over shipping in both directions.
Negotiations remain ongoing after Iran rejected an earlier Omani proposal that would have divided shipping routes equally between the two countries, arguing it failed to address Tehran’s security concerns.
Cameroon Reshuffles Military as President Biya’s Absence Fuels Speculation
Cameroon has announced another major military reshuffle as President Paul Biya’s prolonged absence from public view continues to fuel speculation over his health and political future.
The 93-year-old leader promoted several senior officers, including five colonels to brigadier general, and retained Raymond Jean Charles Beko’o Abondo as commander of the elite presidential guard responsible for his security.
Military restructuring has become a recurring feature of Biya’s rule during periods of political uncertainty, particularly after Gabon’s 2023 coup and ahead of Cameroon’s presidential election. His latest appointments come after nearly two months without a public appearance.
Landslide Kills Worshippers at Ethiopian Mountain Monastery
At least 14 people have died after a landslide struck an Ethiopian Orthodox monastery during an overnight prayer service in the country’s Amhara region.
The disaster occurred after heavy rainfall caused a hillside above the Tsadqane Debre Mitmaq St Mary Monastery to collapse onto worshippers gathered inside a cave used for religious ceremonies. Seven people were injured, five of them seriously, while search operations have now ended.
Church officials said many victims had travelled to the monastery to participate in a holy water healing ceremony, a tradition that attracts worshippers seeking relief from chronic illnesses. Funeral services have been held for most of the victims, while authorities continue efforts to identify the remaining bodies.
Cape Town Airport Disrupted After Kenya Airways Plane Suffers Tyre Burst
Flights at Cape Town International Airport were disrupted after a Kenya Airways aircraft suffered a tyre burst while landing, forcing the temporary closure of the airport’s main runway.
The aircraft became disabled on the runway, leading to several incoming flights being diverted and international departures delayed. Airports Company South Africa said all passengers disembarked safely and operations resumed after engineers removed the aircraft.
Kenya Airways said technical teams were working to repair the aircraft as airport authorities warned that some delays could continue while schedules returned to normal.
Late Pay Protests Disrupt Ebola Response in DR Congo
Health workers responding to the Ebola outbreak in the Democratic Republic of Congo have staged protests over unpaid salaries, threatening efforts to contain one of the largest Ebola epidemics ever recorded.
Workers in Ituri province demonstrated outside treatment centres, saying wages and allowances had gone unpaid for nearly three months. Police dispersed one protest after it disrupted hospital operations, while workers appealed directly to President Félix Tshisekedi for intervention.
The outbreak has infected more than 3,800 people and claimed over 1,700 lives since May. Health authorities also continue to face attacks on treatment centres, misinformation and community resistance, all of which have complicated response efforts.
Morocco Approves $1.5 Billion Waste to Energy Project
Morocco is set to begin construction of a $1.5 billion waste-to-energy plant in Casablanca later this year, in what will become only the second facility of its kind in Africa.
The project, led by Swiss-Japanese engineering firm Kanadevia Inova alongside Moroccan energy company Nareva and Japan’s Itochu, is expected to begin operations by 2030.
The plant will process around 1.5 million tonnes of waste annually while generating approximately 115 megawatts of electricity from waste, solar power and landfill gas, enough to supply nearly one million people and significantly reduce emissions from Casablanca’s largest landfill.
WHO Says Experimental Treatments Offer Hope in Congo Ebola Outbreak
The World Health Organization says clinical trials of experimental vaccines and treatments for the Bundibugyo strain of Ebola are progressing faster than in previous outbreaks, offering hope in the fight against the rapidly spreading epidemic in the Democratic Republic of Congo.
The current outbreak, caused by a rare strain for which there are no approved vaccines or treatments, has become the second-largest Ebola outbreak ever recorded globally.
WHO officials said research protocols prepared before the outbreak allowed scientists to begin clinical trials more quickly than in previous emergencies. While early laboratory findings are encouraging, the organisation stressed that only ongoing clinical trials will determine whether the treatments are effective enough for widespread use.
