Petrobras said it detected hydrocarbons during exploratory drilling in the Equatorial Margin basin near the mouth of the Amazon River. The area is estimated to hold up to 10 billion barrels of oil, with a potential value of about 7200亿美元. Speaking in Oiapoque, President Luiz Inácio Lula da Silva said he supports oil drilling in the region.

Berkshire Hathaway increased its Alphabet holdings by about 48.1 million shares in the second quarter, bringing its total stake to roughly 106 million shares valued at about $37.76 billion. The conglomerate also raised its position in homebuilder Lennar by nearly 30% and held a small stake in D.R. Horton valued at $580,504. Separately, Alphabet has said it plans to raise $80 billion to fund the computing infrastructure for its AI offerings.

The United States and Iran refrained from launching military strikes in the Persian Gulf for a second straight day, easing geopolitical tensions. September Brent crude fell 4.9% to $92.02 a barrel, while September WTI slid 5.6% to $84.34. The average U.S. price for a gallon of regular gasoline rose to $4.11, according to motor club AAA. The pullback followed a run-up tied to disrupted shipping through the Strait of Hormuz and attacks in the Red Sea that had pushed oil to a two-month high.

The article says the U.S.-Iran war that began in February has continued to disrupt Persian Gulf oil supply, pushing oil prices higher and lifting inflation and mortgage rates. Consumer sentiment remained weak in June, while nonfarm payrolls rose by just 57,000 and the unemployment rate fell largely because labor force participation declined. Job openings held at a high 7.6 million, but actual hiring slowed.

Prime Minister Mark Carney and Alberta Premier Danielle Smith announced plans to advance a Pacific Coast oil pipeline through southern British Columbia along the existing Trans Mountain corridor, with design capacity exceeding 1 million barrels per day and an aim to reach Asian markets. The plan carries federal and provincial political backing while keeping the oil tanker ban off northern British Columbia in place. The Trans Mountain expansion entered service in 2024, and more than two-thirds of crude shipped from Canada’s Pacific Coast is now sold into Asia. Officials say the move is intended to reduce reliance on the U.S. and narrow the discount on Canadian crude.

The Trump administration has ordered OpenAI and Anthropic to roll out their latest AI models, GPT-5.6 Sol and Mythos 5, on a restricted basis, limiting access to a small set of customers approved by the administration over cybersecurity concerns. The move follows an AI oversight executive order signed in June that set a voluntary 30-day security review framework ahead of public releases. Anthropic was previously temporarily blocked over alleged weaponization risks tied to Mythos, and its Fable 5 model was also taken offline for two weeks. The restrictions have directly affected both companies’ IPO plans and added to market concerns about commercialization timelines and regulatory uncertainty.

Most U.S. stocks rose Friday, but a sharp selloff in AI-related chip names left the S&P 500 slightly lower for the week. Micron Technology fell 6.7%, while ON Semiconductor sank 23.7% after agreeing to buy Synaptics in an all-stock deal valued at roughly $7 billion. Brent crude slid 3.8% to $72.60 a barrel, below its level from the day before the United States and Israel attacked Iran and events later led to the closure of the Strait of Hormuz and reduced global oil shipments. Apple said it raised prices on laptops and other products by significant percentages to offset higher memory costs, stoking worries that demand could weaken.

The U.S. Supreme Court ruled 7-2 that federal regulators’ assessment of glyphosate, Roundup’s key ingredient, and the lack of a required cancer warning label preempt state “failure-to-warn” lawsuits. The decision strengthens Bayer’s legal position as it seeks to have thousands of pending warning-related claims dismissed. Bayer has previously set aside $16 billion for litigation and has proposed a $7.25 billion class-action settlement. Roughly 200,000 Roundup-related claims have been filed, most from home users.

A court filing says President Donald Trump spoke in February with Live Nation CEO Michael Rapino about the company’s antitrust case, before the Justice Department abruptly reached a federal settlement early in the March trial, according to Live Nation. Most states declined to join the deal, arguing it did not do enough to curb the company’s dominance in venues and Ticketmaster ticketing. The trial continued, and a New York jury later found Live Nation to be a monopoly and said Ticketmaster’s practices led consumers in 22 states to pay an extra $1.72 per ticket.