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Iran’s oil minister on Wednesday criticized the effects of war-led disruptions to oil markets, weeks after Tehran’s 12-day hostilities with Israel sent crude price soaring.

In remarks via videoconference for the OPEC seminar in Vienna, Mohsen Paknejad said, “Whatever the cause, an aggression of war that leads to the disruption of the supply of oil and gas resources to the international market imposes … complications on energy producers, and subjects national economies to hardships.”

“I believe we all need to take a principled stand against the resort to, and use of war, as a tool of pursuing political objectives,” he said.

Iran is the third-largest producer in the influential OPEC alliance and holds the organization’s rotating one-year presidency in 2025.

The security of Tehran’s supplies — which averaged 3.3 million barrels per day in May, according to the June OPEC monthly oil market report that cites independent analyst sources — came under scrutiny last month, as Iran engaged in direct missile and drone strikes with long-time regional foe Israel.

Tensions further escalated when the U.S. attacked three Iranian nuclear facilities, Fordo, Natanz and Isfahan, in what U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu have repeatedly touted as a victory over Tehran.

Iran and Israel ultimately agreed to, and have been implementing, a Washington-brokered ceasefire since June 24, offering relief to oil prices that have since retreated amid concerns over long-term demand and output increases from some OPEC producers. The security of Iranian supplies remains a concern within the producer group’s considerations when deciding its output strategy, an OPEC+ delegate previously told CNBC.

Bob McNally, founder and president of Rapidan Energy Group, echoed that sentiment on Wednesday, telling CNBC’s Dan Murphy that “geopolitics is by far the biggest Black Swan,” or unpredictable factor, governing the market picture in the near-term, with Iran as an ongoing concern.

“We are not out of the woods with Iran,” he said with respect to lingering questions over the fate of Tehran’s nuclear program, which Israel and the U.S. have cited as the reason behind their recent offensive.

“What we believe in here is that the last 20 years of just sort of kicking the can down the road with Iran is likely to come to an end,” he added.

Trump, who also took a strict and sanctions-based approach to engaging Tehran during his first term, has made a priority of pursuing negotiations to achieve a so-far elusive nuclear deal with Iran during his second presidency. Late last month, Iran’s parliament approved a bill on suspending cooperation with the U.N.’s nuclear watchdog, the International Atomic Energy Agency.

“We are heading to where we’re going to have either a diplomatic deal, lifting of sanctions and a more benign scenario, or, I think we’re just setting up for the next round of conflict, especially if Iran attempts to go for a bomb or refuses to negotiate or even reconstitute its sort of shattered air defense system,” McNally noted.

Washington’s sanctions – bolstered by a fresh wave on July 3 – have crippled Iranian crude exports, the backbone of the Middle Eastern country’s economy. Most of Tehran’s barrels now head to China, often transported by Iran’s “shadow fleet” of off-grid oil tankers and intermediating shell companies.

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Honda to unveil sporty new electric motorcycle in September

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Honda to unveil sporty new electric motorcycle in September

Honda is set to pull the covers off a new electric motorcycle on September 2, teasing the upcoming reveal with camouflaged images on the brand’s social media. The upcoming unveiling is sparking speculation that this could be one of the first models in Honda’s long-promised push into more powerful motorcycle electrification.

The teasers show the shape of a motorcycle with fairly conventional proportions, including a two-up seat, standard riding posture, single-sided rear swingarm, and no visible foot-forward scooter ergonomics, which suggests this will be an honest-to-goodness motorcycle rather than an e-scooter. The bodywork looks sporty but subdued, lacking the aggressive fairings of a supersport, which may point to a street-oriented commuter or naked bike. In fact, it looks a lot like the EV Fun Concept unveiled by Honda last October in Milan, seen above.

Street commuter bikes are common among electric motorcycle makers. They capitalize on the strengths of electric drivetrains without requiring the long range associated with touring motorcycles. It’s a move we’ve seen play out time and again among brands like Can-Am, Kawasaki, Ryvid, and others who have produced smaller, urban-focused electric motorcycles in the last few years.

This aligns with Honda’s previously stated plans. The company announced years ago that it would introduce at least 10 electric motorcycle models by 2025, ranging from commuter vehicles to high-performance machines. So far, its progress has been modest, with small-scale launches focused around electric scooters and prototype testbeds like the CR Electric motocross bike.

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Whispers from Honda have hinted at an upcoming street bike, and some observers believe this new model could be the production version of that EV Fun Concept from EICMA Milan Motorcycle Show. Whether it uses Honda’s swappable batteries like the EM1 e: remains to be seen, but it’s likely to target daily riders in urban markets rather than aiming for long-range touring or high-speed sport performance.

Honda has been characteristically cautious in its entry into the electric space, especially compared to startup rivals and brands like Zero, LiveWire, and Ryvid. But the September 2 reveal may signal a new chapter as the world’s largest motorcycle manufacturer finally takes electric motorcycles more seriously.

We’ll be watching closely to see what Honda brings to the table, especially as legacy brands start feeling pressure from both regulators and riders to electrify their lineups.

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Report: Ferrari were SO impressed by the Xiaomi SU7, they bought one

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Report: Ferrari were SO impressed by the Xiaomi SU7, they bought one

With its tire-blistering acceleration and record-setting performance, the Xiaomi SU7 Ultra has been getting attention throughout the auto industry, impressing everyone who’s seen it. That “everyone” now seems to include the OG supercar brand, itself.

CarNewsChina posted pictures from a Weibo user that reportedly show a Xiaomi SU7 Ultra exiting the storied Ferrari factory in Maranello, Italy. According to a Chinese blogger going by 西米露在博洛尼亚 (which seems to translate to “Sago Dessert in Bologna”), the prancing horse brand is actively benchmarking the Chinese hypercar for its own upcoming EV.

The SU7 Ultra was definitely coming from inside Ferrari’s facility. After verification, we learned this specific vehicle was officially purchased by Ferrari for testing, and the development of their next-generation electric platform.

西米露在博洛尼亚

Yet another Chinese auto blogger, 苏黎世贝勒爷, claims that Ferrari representatives visited Xiaomi headquarters last year, allegedly to discuss the joint development of next-generation high-performance EV motors.

The Xiaomi SU7 Ultra made its debut last year, promising 1,548 hp, sub 2.0-second 0-60 mph times, and a top speed well over 200 mph – all at a price lower than a Tesla Model S Plaid or Porsche Taycan Turbo GT. The car sold out almost immediately after it was unveiled, racking up some 50,000 orders almost overnight.

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The new electric benchmark


Xiaomi SU7 Ultra at Fiorano; via Weibo user Piniluoshan.

In the automotive world, “benchmarking” is a process in which car companies systematically tear down each others’ competitive products to compare everything from sound insulation, vehicle ride and handling, component materials, and even manufacturing methods against their own or against other industry leaders. The goal is to evaluate performance, cost, quality, and other key metrics, effectively figuring out “where they stand” in the market.

If Ferrari really did buy an SU7 to benchmark it against their own upcoming electric supercar, it’s more than just a curiosity – it could mean that the highest tiers of automotive innovation have shifted from West to East. Maybe forever.

Featured image via Xiaomi; sources throughout the post.


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Chevy teases new Bolt w/NACS, front fascia redesign, rear brake lights

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Chevy teases new Bolt w/NACS, front fascia redesign, rear brake lights

We’re finally getting our first teases of the upgraded 2027 Chevy Bolt, built on GM’s battery/motor platform formerly known as Ultium. So far, so good for the vehicle, which will be revealed later this Fall.

Chevy took to social media today to tease the 2027 Chevy Bolt, saying, “You asked, we listened. The #ChevyBolt is back and better than ever. More this fall. 👀”

Chevy ended the original Bolt program with the 2023 model, which was loved by a loyal group of customers (including myself). Some of the major gripes, including charging speed and rear brake lights, already look to be addressed. Also, a new more aggressive fascia is debuting.

Electrek’s take

GM has done an incredible job keeping the 2027 Bolt under wraps. It will be the first GM vehicle with a native NACS port after the Cadillac Optiq-V, which we spied in Seattle last week.

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Hopefully, the new Bolt will have improved charging speeds over and above the 54kW that previous Bolts adhered to. One possible downgrade is that the old Bolt’s amazing wireless CarPlay/Android Auto system will likely be replaced by GM’s move to Android’s built-in experience. For a few years, the Chevy Bolt was the most affordable long-range EV, and it won our 2022 Electrek car of the year for its versatility and price.

I would, of course, like to see the new Bolt as a hot hatchback, but GM CEO Mary Barra has hinted that it will likely take more of the EUV’s SUV form factor. Things like AWD options, SuperCruise, pricing, power and range are yet to be revealed, but stay tuned to Electrek for the latest on Bolt developments.

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