White House says the blockade of the Strait of Hormuz is fully in effect.

July 16 — An agreement establishing the World Artificial Intelligence Cooperation Organization was signed in Shanghai; China’s foreign minister Wang Yi signed for the Chinese government. The accord establishes an independent intergovernmental organization under the UN Charter, headquartered in Shanghai, tasked with promoting international AI cooperation and governance and ensuring AI develops in a beneficial, safe and equitable manner. Twenty-nine countries signed as founding members, including representatives from Kazakhstan, Laos, Pakistan, Russia and Indonesia; UN Secretary‑General Guterres and other international delegates attended.

Fed Vice Chair JEFFERSON expects the Middle East conflict's impact on oil demand to be limited, noting the US is a net oil exporter and the economy is less oil-dependent.