The average U.S. diesel price topped $5.85 a gallon for the first time, setting a record high. A six-month war with Iran has disrupted global fuel flows, pushing Brent crude above $95 a barrel. Diesel averaged about $3.76 a gallon before the war and $3.20 a year earlier. The previous peak was nearly $5.82 in June 2022, driven by the war in Ukraine and sanctions on Russia.

A U.S. federal judge on Wednesday ordered Google to overhaul the system behind its digital advertising business, but rejected the government’s bid to force a breakup. The antitrust case began in 2023, and the court had previously found Google illegally monopolized the market. The ad exchange technology at issue processes 55 million requests per second and underpins a significant share of Alphabet’s nearly $400 billion in annual advertising revenue.

U.S. stocks ticked lower as expectations grew that the Federal Reserve will raise interest rates soon to rein in inflation. The two-year Treasury yield jumped to 4.34%. Traders lifted the implied probability of a rate hike as soon as next month to nearly 60% from 35% a day earlier, according to CME Group data.

U.S. stocks traded in a narrow range on Wednesday, with the S&P 500 slipping less than 0.1% while staying near record highs, the Dow down 113 points and the Nasdaq off 0.1%. Inflation data showed the Federal Reserve’s preferred gauge held at 3.7% last month, well above the central bank’s 2% goal. Abercrombie & Fitch surged 35.7% after posting quarterly earnings above expectations, while Smucker rose 4.3% on results that topped forecasts but later fell 3.2% after its profit-growth outlook for the next fiscal year missed analysts’ estimates.

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.