TotalEnergies CEO said that after the incident in the Strait of Hormuz, exporting Iraqi oil would require transiting Syria, but the current security situation does not permit that.

WSJ reports Silicon Valley startups are receiving a surge in free compute and token credits as AI model vendors compete for new enterprise clients. Cursor, the AI coding firm acquired by SpaceX, offered a 75% discount through July 5. OpenAI and Anthropic sales teams are presenting highly generous terms. Some founders say fundraising has been delayed and they can negotiate between AI vendors. Combined cloud and token credits from some providers can exceed $3m, roughly the median US seed round. Google Cloud is granting select startups up to $500k in cloud credits plus early access to Gemini; Microsoft and AWS are offering similar packages. Vendors are pushing such deals to lock in early customers and secure durable revenue while facing competition from increasingly capable free and lower-cost models.

Sources said on Tuesday a Qatar LNG carrier was attacked while transiting the Strait of Hormuz on the Oman side and suffered serious damage; crew are evacuating. An earlier source said the vessel, Al Rekayyat, was carrying LNG, was struck on the port side and issued a distress call for assistance. The extent of the damage is currently unclear.