US President Trump: Demands Canada take responsibility for its poor forest maintenance.

JP Morgan cut Baidu (BIDU.O) price target to $205 from $230.

Energy: 1. French nuclear power production rebounded, with electricity exports hitting a record high in the first half of the year. 2. Venezuelan oil production is expected to reach 1.4 million barrels per day by the end of the year. 3. Shipping disruptions in the Strait of Hormuz have prompted Pakistan to plan increased LNG purchases. 4. Data shows that Iraq's crude oil loadings in the first half of July more than doubled compared to June, reaching 1.2 million barrels per day. 5. EIA Natural Gas Report: As of the week ending July 10, total U.S. natural gas inventories stood at 3.024 trillion cubic feet, an increase of 41 billion cubic feet from the previous week. Agriculture/Mining: 1. Spot silver briefly fell below $55, hitting a near 8-month low. 2. The International Grains Council lowered its 2026/27 global corn production forecast by 4 million tons to 1.306 billion tons. 3. US weather forecasting agency: El Niño has strengthened over the past month and is expected to continue strengthening into 2026 and into early 2027. 4. Bernstein: Raised its 2026 gold price target to $4,533/ounce, citing central banks diversifying their reserves and the expectation that the Federal Reserve will only raise interest rates once or twice in the next year at most. Iran Situation: 1. US troops boarded and inspected an oil tanker in the Gulf of Oman. 2. Oil tankers sanctioned by the US turned around in the Gulf of Oman and the Arabian Sea. 3. Iran: The Strait of Hormuz will not be reopened due to US pressure. 4. The US military claims to have successfully carried out a new round of strikes against Iran, marking the sixth consecutive night of operations. 5. Iraq and Syria will jointly construct a transnational oil pipeline to bypass the Strait of Hormuz. 6. Iran secretly ordered the Houthi rebels to block the Bab el-Mandeb Strait if the US attacks power facilities.