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Oil prices settle up over $1 after global tensions mount; oversupply caps gains

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By Arathy Somasekhar

HOUSTON (Reuters) – Oil prices settled higher on Wednesday by more than $1 a barrel as investors worried about possible supply disruptions after Poland downed drones in its airspace and the U.S. pushed for new sanctions on buyers of Russian oil the day after an Israeli attack in Qatar, but a report showing swelling U.S. supplies capped gains.

Brent crude futures settled up $1.10, or 1.7%, at $67.49 a barrel. U.S. West Texas Intermediate crude futures rose $1.04, or 1.7%, to settle at $63.67 a barrel.

Geopolitical tensions mounted when Poland shot down drones over its airspace during a widespread Russian attack in western Ukraine, the first shots by a NATO member in the Russia-Ukraine war. On Tuesday, prices had settled 0.6% higher after Israel said it had attacked leadership of the Palestinian militant group Hamas in Doha. Both benchmarks rose nearly 2% shortly after the attack, then retraced most of those gains.

Still, there was no immediate threat of oil supply disruption

“The dark cloud of surplus ahead is … hanging over the market with Brent trading two dollars lower than last Tuesday. Geopolitical risk premiums in oil rarely last long unless actual supply disruption kicks in,” SEB analysts said.

U.S. President Donald Trump has urged the European Union to impose 100% tariffs on China and India – major buyers of Russian oil – as a strategy to pressure Moscow to enter peace talks with Ukraine, according to sources.

With EU officials in Washington to discuss Russia sanctions, European Commission chief Ursula von der Leyen said on Wednesday the bloc was considering a faster phase-out of Russian fossil fuels as part of new measures aimed at Moscow.

The 27-member bloc is very unlikely to impose crippling tariffs on India or China, EU sources said.

Traders expect the Federal Reserve will cut U.S. interest rates at its September 16-17 meeting, which could boost economic activity and demand for oil.

Strong global economic growth in the next few years will increase demand for oil, U.S. Energy Secretary Chris Wright, said, cautioning that U.S. oil production may plateau for a little while.

U.S. crude stocks, gasoline and distillate inventories rose last week, the Energy Information Administration said, a bearish sign for the near-term supply outlook.

Crude inventories increased by 3.9 million barrels in the week to September 5, the EIA said. Analysts polled by Reuters had expected a draw of 1 million barrels.

U.S. gasoline stocks rose by 1.5 million barrels, compared with analysts’ estimates for a draw of 200,000 barrels. Distillate stockpiles, which include diesel and heating oil, rose by 4.7 million barrels, versus expectations for a rise of 35,000 barrels.

‘Widespread revulsion’ in Labour at at Mandelson’s Epstein links, says MP

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Jennifer McKiernanPolitical reporter, BBC News

Reuters Lord MandelsonReuters

Labour MP Andy McDonald has said there is “widespread revulsion” in the party over Lord Mandelson’s links with convicted paedophile Jeffrey Epstein, amid growing calls for him to be sacked.

McDonald called for Mandelson to stand down “immediately” as the UK’s ambassador to Washington, following fresh revelations in emails about his relationship with Epstein.

The Conservatives are stepping up pressure on Sir Keir Starmer to sack Mandelson, with an urgent question from MP Neil O’Brien due in Parliament shortly.

Home Office Minister Mike Tapp this said the prime minister continues to have “confidence in Mandelson” and his abilities as ambassador, adding the “disturbing” emails made him “shudder”.

Lord Mandelson is reported by Bloomberg to have told Epstein to “fight for early release” shortly before he was sentenced to 18 months in prison, and told him, “I think the world of you” the day before he began his sentence for soliciting prostitution from a minor in June 2008.

McDonald told BBC Radio 4’s Today programme: “I’m afraid if he [Mandelson] doesn’t do the right thing and resign today then the prime minister should sack him.”

The PM will face “inescapable” questions about his own judgement in appointing Mandelson, said McDonald, who suggested the vetting process may have failed.

Asked how Labour MPs were feeling about Mandelson, McDonald said: “It is widespread revulsion that we, by association, being in the same party, are being brought under the microscope for something that he has done.

“There isn’t anybody in the Labour Party who is supporting Peter Mandelson today and the Prime Minister’s got to hear that and understand that he’ll weaken his position if he continues to support him.”

The MP for Middlesbrough and Thornaby East dismissed concerns sacking Mandelson could damage to relations with US President Donald Trump and urged Sir Keir to show he had a “moral compass” to honour Epstein’s victims.

Asked what he thought of Mandelson’s emails to Epstein on BBC Breakfast, Home Office Minister Mike Tapp said the emails made him physically “shudder”, adding: “I find it disturbing, those sorts of emails in honesty.”

Tapp, who has worked for the National Crime Agency, said: “I have arrested these vile paedophiles and had to meet many of the victims of these crimes, so it’s really important that’s clear.”

However, asked whether the government was reviewing Mandelson’s future as ambassador, Tapp said “the prime minister has confidence in his ability”

he added that that “the work he is doing in America is very important”, stressing the recent UK-US trade deal as well as their defence relationship around the threat from Russia.

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Person of interest in fatal shooting of Charlie Kirk in custody, FBI says

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Related video: Shouting breaks out in House after silent prayer for Charlie Kirk

A person of interest in the fatal shooting of conservative activist Charlie Kirk on Wednesday is in custody, according to the FBI and Utah Gov. Spencer Cox (R).

“The subject for the horrific shooting today that took the life of Charlie Kirk is now in custody. Thank you to the local and state authorities in Utah for your partnership with @fbi. We will provide updates when able,” FBI Director Kash Patel said in a Wednesday evening post on the social platform X. 

Kirk was fatally shot Wednesday afternoon while speaking at an event at Utah Valley University in Orem, Utah. 

Kirk was struck by a gunshot in the neck, according to the video footage from the scene shared on social media. President Trump confirmed Kirk’s death in a post on Truth Social. 

Shortly after the shooting, law enforcement briefly had a person of interest in custody, but he was released after authorities “identified that he did not match the shooting suspect and was not an accurate person of interest,” Utah Department of Public Safety Commissioner Beau Mason said during a press conference Wednesday afternoon. 

“However, he has been booked into the county jail by Utah Valley University Police Department for obstruction of justice,” Mason said. “We do still have an active investigation for the person of interest.” 

During the press conference, authorities also said the shooter was dressed in all dark clothing and that the shot came from on campus, potentially from a roof. In addition to local security, Kirk’s security was also present at the time of the shooting, noted Utah Valley University Police Chief Jeff Long.

It is believed the shooter acted alone, authorities said.

Cox also said a person of interest was in custody in remarks during the press conference, and he called the act “a political assassination.”

We will more than triple our revenue this year

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OpenAI’s (OPAI.PVT) torrid pace of growth is poised to keep on going right into 2026.

“Revenue this year will grow over 3X. So about $13 billion in revenue from about $4 billion last year. So it’s tripling on a very big base as well,” OpenAI CFO Sarah Friar told me at the Goldman Sachs Communacopia conference on Tuesday.

“It is a wild pace that we’re on. You’re defining a whole new era of AI,” Friar said. She declined to put a timetable on OpenAI becoming a public company.

It’s been an eventful year for OpenAI. The release of ChatGPT 5 in early August was met with mixed reviews as users complained about the interface’s less-human responses. CEO Sam Altman acknowledged the company “screwed up” on the rollout.

A few weeks removed from this episode, Altman reportedly said the AI market was in a bubble.

Around the same time, the New York Times reported OpenAI was in talks to sell $6 billion in shares by current and former employees to investors. The deal would value OpenAI at about $500 billion, up from a $300 billion valuation in March.

Careful scrutiny remains, too, about the health of OpenAI partner and major investor Microsoft (MSFT).

OpenAI wants Microsoft to ease up its hold on its AI offerings as it ramps up growth. The pact between the two is slated to last until 2030 but could end earlier if OpenAI’s board declares it has developed artificial general intelligence (AGI).

Microsoft AI CEO Mustafa Suleyman downplayed any tension in the partnership in an interview with me in June.

“The relationship’s in pretty good shape,” he said. “It’s one of the best technology partnerships there has been, and it will continue for at least another five years, hopefully many decades after that.”

Meanwhile, investors question how long the AI hyper-growth cycle can last.

“We’re in the first inning, a lot of people have compared the AI era to things like the railway build-out, because it is a very capital-intensive build-out. But I think we are just beginning. We’ve maybe laid some track from New York to Baltimore, but we’re ultimately going to blanket the US and ultimately blanket the world,” said Friar.

“And so anyone who thinks this cycle is, you know, at a zenith is not seeing what I’m seeing.”

Brian Sozzi is Yahoo Finance’s Executive Editor and a member of Yahoo Finance’s editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email brian.sozzi@yahoofinance.com.



Emily Thornberry pulls out of deputy Labour leader race

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Emily Thornberry has announced she is withdrawing from the Labour deputy leadership contest, leaving four candidates left in the race to replace Angela Rayner.

Announcing her decision on social media, Thornberry said she was “deeply grateful” to Labour members for their support and added that it had been “a privilege to take part in this race with such brilliant women”.

Thornberry, who chairs the Commons foreign affairs committee, had gathered 13 nominations from Labour MPs, far short of the 80 needed to progress to the next stage of the contest.

Education Secretary Bridget Phillipson is the frontrunner so far, having secured backing from 116 of her parliamentary colleagues.

Lucy Powell – who was sacked as Commons leader last week – is her closest rival with 77 nominations.

Clapham and Brixton Hill MP Bell Ribeiro-Addy has 15 nominations and fellow left-winger Paula Barker, who represents the Liverpool Wavertree constituency, is on 14.

The candidates have until 17:00 on Thursday to get 80 nominations, otherwise they will have to drop out of the race.

Housing Minister Alison McGovern withdrew from the race on Wednesday and backed Phillipson after failing to pick up enough support.

In order to make it to the final ballot, deputy hopefuls will then have to win the backing of 5% of local parties or three Labour affiliated groups, such as a trade union.

Voting opens on 8 October and closes on 23 October, with the winner being announced two days later.

Candidates will have the chance to make their pitch to Labour members at hustings during the party’s conference, which takes place at the end of September.

The contest is an unwelcome distraction from Prime Minister Sir Keir Starmer, as it has the potential to become a vehicle for unhappy MPs and party members to express their discontent with the leadership.

Phillipson’s position as the only cabinet member in the race has helped her secure nominations from those MPs who are loyal to the government.

However, it may harm her in the eyes of party members, who may prefer a candidate who can be independent of the leadership.

Whatever the result, the deputy leader will not become deputy prime minister, as Sir Keir has already appointed David Lammy to the role.

Reagan Library postpones Ben Shapiro event after Charlie Kirk shooting

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The Ronald Reagan Presidential Library postponed a book signing for conservative commentator Ben Shapiro on Wednesday, after fellow right-wing media figure Charlie Kirk was shot and killed at a speaking event earlier in the day.

“The Ronald Reagan Presidential Foundation and Institute is saddened to hear of events that took place today at Utah Valley University. Our prayers are with Charlie Kirk’s family and friends. As a mark of respect, we are cancelling our program and book signing with Ben Shapiro this evening,” read a statement posted to the event page of the library in Simi Valley, Calif.

The statement said a new date for the event would be announced “shortly.”

As two prominent figures in conservative media, Shapiro and Kirk had overlapping circles.

Shapiro mourned Kirk, the co-founder of Turning Point USA, in a post on the social platform X, saying he is “utterly stunned and heartbroken and sick to my soul today” after Kirk’s death on a Utah college campus.

He recalled meeting Kirk, who died at age 31, when he was just 18 years old.

Shapiro said he remembered thinking Kirk was “a young man so eager and determined that I immediately turned to a friend and said, ‘That kid is going to be the head of the RNC one day.’”

“Charlie became even bigger and more important than that,” Shapiro continued. “It was a privilege to watch this principled man stand up for his beliefs and create the single most important conservative political organization in America. But more importantly, Charlie was a good man, a man who believed in right and wrong, who stood by his Biblical values.”

“All of us will miss him, and I can’t imagine the pain of his beautiful young family, and we must all pray for them. And we must pick up the baton where Charlie left it, fighting for the things he believed in so passionately. And we must fight for a better America – an America where good people can speak truth and debate passionately without fear of a bullet. I weep for Charlie’s family, and I weep for my country today. Most of all, I weep for Charlie,” Shapiro wrote.

Kirk was killed while speaking at Utah Valley University. He was struck by a gunshot to the neck and died shortly afterward.

The FBI announced Wednesday evening that a person of interest is in custody.

President Trump announced Kirk’s death on social media and ordered flags to be lowered to half-staff through Sunday.

All Three Major Stock-Market Indexes Close at Records on Hopes for Deeper Rate Cuts

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All Three Major Stock-Market Indexes Close at Records on Hopes for Deeper Rate Cuts

‘Dark moment for America’, says Trump after Kirk killing

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Donald Trump has said he is “filled with grief and anger at the heinous assassination of Charlie Kirk”, in a video posted on his Truth Social platform.

Mr Kirk, a Conservative activist and influential Trump ally, died after being shot at a campus event in Utah on Wednesday. A manhunt for the shooter is ongoing.

It is “a dark moment for America”, the US president said.

Person of interest in fatal shooting of Charlie Kirk released after interrogation, Patel says

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The person of interest in the fatal shooting of conservative activist Charlie Kirk on Wednesday was released after being interrogated by law enforcement, according to the FBI Director Kash Patel. 

“The subject in custody has been released after an interrogation by law enforcement,” Patel said in a Wednesday evening post on the social platform X. “Our investigation continues and we will continue to release information in interest of transparency.” 

So far, law enforcement has taken two individuals into custody as part of the ongoing probe, and both have been released without charges. It is unclear if law enforcement has taken more people into custody or if the shooter is still at large.

The update from Patel came roughly an hour and a half after he announced that the person of interest related to the shooting at Utah Valley University in Orem, Utah, where Kirk was struck in the neck by a gunshot, was in custody.

During a press conference, Utah Gov. Spencer Cox (R) also said a person of interest was in custody and called the act “a political assassination.”

Shortly after the shooting, law enforcement briefly detained one person of interest, but he was released from custody “after we identified that he did not match the shooting suspect and was not an accurate person of interest,” Utah Department of Public Safety Commissioner Beau Mason said during the same press conference. 

“However, he has been booked into the county jail by Utah Valley University Police Department for obstruction of justice. We do still have an active investigation for the person of interest,” Mason said.

Teck Resources, Anglo American Agree to Merge. The Stocks Are Surging.

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Teck Resources, Anglo American Agree to Merge. The Stocks Are Surging.