Tesla reported second-quarter net profit of $1.1 billion, down 9% from a year earlier and below analysts’ $1.3 billion estimate. Revenue rose 25% to $28.2 billion. The company said profit per vehicle fell as it sharply increased spending on robotaxis, battery plants and Semi trucks. European gains offset weaker U.S. sales, while General Motors also posted a 30% profit drop, underscoring broader pressure on industry margins.

Canadian Prime Minister Mark Carney announced a package of West Coast infrastructure projects centered on expanding oil and gas export capacity to Asian markets. The plan includes a new pipeline from Alberta to British Columbia’s southern coast near Vancouver, multiple LNG terminals on B.C.’s northern coast to triple Canada’s LNG production, and expansions at the ports of Prince Rupert and Vancouver. Carney said the initiatives aim to reduce reliance on the United States and would “unlock” C$150 billion ($105 billion) in new investments.

Major egg producers including Cal-Maine Foods (CALM), Hickman’s Egg Ranch (HICK) and Versova agreed to pay $3.3 million to settle allegations they manipulated prices from 2022 to 2024, and to donate more than 53 million eggs. The settlement does not include an admission of wrongdoing. It requires the companies to cooperate with federal monitoring and adopt compliance programs to prevent price manipulation, according to court documents.

Extreme heat in the eastern United States is pushing the PJM grid, which spans from Chicago to Virginia Beach, toward what it expects to be its highest electricity demand in 20 years on Thursday. Energy Secretary Chris Wright has told grid operators to require data centers to run on backup power if needed to relieve pressure on the system. The region’s backup generators largely run on natural gas and diesel, lifting near-term demand for gas-fired generation and highlighting PJM’s limited buildout of energy-storage batteries.

The U.S. Nuclear Regulatory Commission has proposed a sweeping rewrite of radiation safety rules, arguing current requirements are too costly and exceed what is needed to protect health. The agency would keep existing annual dose limits for workers and the public, but eliminate the decades-old “as low as reasonably achievable” (ALARA) principle. It also proposed changes to simplify siting and licensing for new nuclear reactors, a shift that could reduce costs and speed approvals to support U.S. nuclear expansion.

The Trump administration will pay Duke Energy $129 million to abandon an early-stage offshore wind project planned off North Carolina, with construction not yet started. The company will relinquish its federal waters lease and reinvest the reimbursement in energy sources favored by the administration, including potential new nuclear and natural gas projects. The move marks the administration’s fourth intervention to curb offshore wind development and prioritize what it describes as more reliable traditional energy.

Brent crude fell to about $72 a barrel, returning to levels seen before the war in Iran after having surged to as high as $118 when Iran effectively blocked passage through the Strait of Hormuz. Prices eased after midJune talks between U.S. and Iranian officials led to the strait reopening and shipping gradually resuming. Markets reassessed disruption risks after Iran struck a commercial vessel on Thursday and reiterated that ships would need authorization to pass.

Iran attacked a container ship in the Strait of Hormuz on Thursday, raising concerns about the security of a key energy-shipping route. Data the next day showed traffic through the strait had rebounded markedly, and the United States and Iran agreed to a 60day period of talks while pledging to cease hostilities. Brent crude fell 4.3% to $71.99 a barrel and WTI dropped to $69.23, while the U.S. national average gasoline price slipped to $3.90 a gallon. The latest flare-up did not result in a material supply disruption.

A preliminary ceasefire deal in the U.S.-Iran war has helped push oil prices sharply lower, easing gasoline costs and potentially taking pressure off airfares and shipping. But underlying inflation has shown limited improvement, and forecasters expect May core PCE inflation to rise to a 3.4% annual pace, the highest since 2023, with overall PCE at 4.1% year over year. The outlook suggests the Federal Reserve may need to keep interest rates higher for longer, delaying any policy pivot.