Chevron CEO Mike Wirth said physical crude shipped to Asia is approaching $150 a barrel, far above the $105 shown on screens. He said rising shipping risks and shrinking supply buffers are distorting the oil market. That has opened a pronounced gap between physical prices and futures prices.

Marvell said it now expects $12 billion in custom AI chip revenue by fiscal 2029. The company said its partnership with Google could generate up to $120 billion through 2033. The updated outlook points to sustained demand for data-center AI chips.

Skydance has completed its $110 billion merger of Paramount and Warner Bros. CEO David Ellison said layoffs are coming. He said the cuts are aimed at integrating operations and reducing costs.

Saudi Aramco CEO Amin Nasser said global oil inventories have been depleted. He said rebuilding stockpiles could take up to two years even if Middle East exports recover. Nasser described current inventory levels as “scarily thin,” pointing to ongoing supply tightness.

Gulf oil exports are recovering, but attacks on tankers continue and shipping costs are surging. To draw sailors to high-risk routes, shipowners are paying bonuses of up to $25,000. The payouts are adding to upward pressure on global oil prices.

A fourth tanker has been hit in recent days in the Strait of Hormuz, even as Middle East crude exports have recovered to about 98% of prewar levels. With concerns about supply disruptions easing, oil prices fell.

COMEX copper inventories have climbed to a record 700,000 short tons, yet prices are still near historic highs. Tariff policy, along with strong demand tied to artificial intelligence and power-grid construction, is reshaping the copper market. Those forces are offsetting the price pressure that typically comes with elevated inventories.

The G7 has agreed to release a combined 100M barrels of emergency crude and diesel reserves over the next four months to ease the global energy price shock triggered by the Russia-Ukraine conflict. After the announcement, international oil prices fell back below $100 a barrel. The move is a rare coordinated market intervention by major consuming countries aimed at boosting short-term supply and tempering prices.

Nvidia added $150B to its share buyback plan, lifting its remaining repurchase authorization to a record $235B. The move signals confidence that its AI business will continue to generate strong revenue and cash flow.