Saudi Arabia, which has repeatedly scolded other members for over-production, raised its crude output far above its OPEC+ quota last month. The kingdom boosted production roughly 700,000 barrels a day to 9.8 million barrels a day. 

Other producers that topped their quotas last month as Israel went to war with Iran were Iraq, Kuwait and the United Arab Emirates, the International Energy Agency said in its monthly report. Iran’s output, meanwhile, sank by 400,000 barrels a day. 

The production increases are colliding with a substantial surplus in global oil markets, putting pressure on prices that are already down about 13% since mid-June. “Recent months have seen a significant slowdown in oil demand, especially in developing countries,” the IEA said. — Philip Lagerkranser

What You Need to Know Today

A shift in the UK bond market is creating an additional headache for Prime Minister Keir Starmer and Chancellor Rachel Reeves. The central bank and the fiscal watchdog warned this week of a structural change in demand that leaves gilts at risk for more extreme moves, as hedge funds and foreign investors play a greater role. The changes come as Starmer and Reeves have linked economic policy directly to the trajectory of yields. 

North Korea is a major supplier of Russia’s ammunition for its war in Ukraine, the head of Ukrainian military intelligence told us. Besides providing as much as 40% of Russia’s ammunition, North Korea is also sending weapons like ballistic missiles and artillery systems to Russia, Kyrylo Budanov said. In return, Moscow is providing money and technology to Kim Jong Un’s regime, he said.

Bitcoin bears arefeeling the pain as the original cryptocurrency rallies to new records. More than $1 billion of bearish crypto bets were liquidated in a 24-hour period, as Bitcoin surged to almost $119,000 today, data from Coinglass shows. Bitcoin broke out of a nearly two-month lull late yesterday, just as US President Donald Trump unleashed a trade salvo that sent stocks lower. 

The billionaire behind fashion brand Zara, Amancio Ortega, bought Hotel Banke in Paris for €97 million ($113 million). Ortega’s family office Pontegadea acquired the five-star hotel is located in central Paris from Derby Hotels, a spokesman for the Spanish firm said. It was Ortega’s second property acquisition in the French capital in the past year. 

Amancio Ortega Photographer: Iago Lopez/AP

Nutella maker Ferrero is making a bold bet on venturing beyond the sugary treats that brought about comparisons between its secretive founder and fictional candy tycoon Willy Wonka. The $3.1 billion acquisition of cereal maker Kellogg is the biggest in Ferrero’s 79-year history, and offers a buffer against volatile cocoa price. One challenge: cereal sales have trended downward in recent years. 

Louis Vuitton UK said hackers have stolen some customer data as the luxury brand becomes the latest target in a string of cyberattacks against retailers. The theft happened on July 2, when an unauthorized third party accessed the systems of the British unit of LVMH’s flagship brand and took information such as names, contact details and purchase history. No financial data like bank details were accessed, but the hack was the third one to hit Louis Vuitton in recent months.

A group of Microsoft investors are pushing the company to assess how effectively it identifies customers who misuse its artificial intelligence tools. The shareholder resolution could be voted on at Microsoft’s annual meeting in December, follows reports detailing the Israeli military’s use of its software during the war in Gaza. Microsoft employees have been protesting software sales to the Israel Defense Forces and other government entities.

What You’ll Need to Know Tomorrow

For Your Commute

The latest installment of Superman is “ultimately the story of an immigrant who fights against a tech baron who supports an authoritarian regime for his own interest,” writes Esther Zuckerman. Get ready for a showdown between the Man of Steel and modern-day, Trump-style politics. 

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