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A view from the oil company Tatneft in Tatarstan, Russia on June 04, 2023.

Anadolu Agency | Anadolu Agency | Getty Images

Oil prices on Friday rose 4% after the U.S. tightened sanctions against Russian crude exports, exacerbating supply concerns in an already tightly balanced energy market.

International benchmark Brent crude futures with December expiry traded 4% higher at $89.46 per barrel at around 7:45 a.m. ET, while front-month November U.S. West Texas Intermediate crude futures rose 4.2% to trade at $86.38 per barrel.

The move back toward $90 a barrel comes after the U.S. on Thursday imposed sanctions on two shipping companies that it said violated the G7’s oil price cap, a mechanism designed to retain a reliable supply of Russian flows in the market while curbing the Kremlin’s war chest.

“This action underscores the Treasury Department’s commitment with its international partners to responsibly reducing Russian government oil profits and constraining the Russian war machine,” the U.S. Department of the Treasury said in a statement.

The G7, Australia and the EU implemented a $60-per-barrel price cap on Russian oil on Dec. 5 last year. It came alongside a move by the EU and U.K. to impose a ban on the seaborne imports of Russian crude oil.

Together, the measures were thought at that time to reflect by far the most significant step to curtail the fossil fuel export revenue that is funding Russia’s war in Ukraine.

Prospect of Israel-Hamas war spillover is a ‘major concern’ for oil markets, IEA says

On Thursday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) said it was imposing sanctions on two owners of tankers carrying Russian oil priced above the price cap: one in Turkey and one in the United Arab Emirates.

The YasaGolden Bosphorus tanker, which is owned by Turkey-based Ice Pearl Navigation Corp, was said to have carried crude oil priced above $80 a barrel after the price cap took effect.

Meanwhile, OFAC said the SCF Primorye, which is owned by UAE-based Lumber Marine SA, carried Russian oil priced above $75 a barrel from a port in Russia after the price cap mechanism came in.

The move to clamp down on Russian oil sales “demonstrates our continued commitment to reduce Russia’s resources for its war against Ukraine and to enforce the price cap,” said Deputy Secretary of the Treasury Wally Adeyemo.

“We remain committed to implementing a price cap policy that has two goals: reducing the oil profits upon which Russia relies to wage its unjust war against Ukraine and keeping global energy markets stable and well-supplied despite turbulence caused by Russia’s unprovoked invasion of Ukraine,” Adeyemo added.

‘Fraught with uncertainty’

Market participants are also closely monitoring the fallout from the escalating Israel-Hamas conflict, which has ratcheted up concerns that the fighting may affect regional energy production. The Middle East accounts for more than one third of global seaborne trade.

The International Energy Agency on Thursday described market conditions as “fraught with uncertainty” but said the Israel-Hamas war had not yet had a direct impact on physical supply.

The IEA sought to assuage market concerns by saying it stands ready to act to ensure markets remain “adequately supplied” in the event of an abrupt supply shortage.

The energy agency’s response includes member countries releasing emergency stocks and/or implementing demand restraint measures.

Israel is not a major oil producer and no major oil infrastructure runs close to the Gaza Strip.

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U9 supercars from BYD’s new Yangwang brand are en route to the UK to compete at Goodwood

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U9 supercars from BYD's new Yangwang brand are en route to the UK to compete at Goodwood

BYD’s young performance EV brand Yangwang wants to turn some heads in Europe by debuting its U9 supercar at the 2024 Goodwood Festival of Speed. The annual event hasn’t seen many Chinese entrants, but Yangwang has at least two cars on their way to the UK to show performance enthusiasts the potential of its e⁴ platform technology.

Yangwang operates as one of the newest all-electric brands under the BYD umbrella. BYD launched the sub-brand in January 2023 while showcasing a new performance EV architecture called e⁴.

When paired with Yangwang’s DiSus-X Intelligent Body Control System, the automaker says these two core technologies will “revolutionize the pure electric supercar segment, seamlessly integrating track performance, street adaptability, and playful features.”

Like supercars than call ollie, for instance.

At the brand launch, Yangwang unveiled its first two models—the borderline amphibious U8 SUV and the U9 supercar, designed to compete with Ferrari. We’ve since seen a third, less extreme model called the U7 sedan emerge, but only its two siblings are currently available on the Chinese market – the most recent being the U9 this past February.

The U9 features quad motors, 1,287 horsepower (960 kW), and 1,200 lb-ft (1,680 Nm) torque for a 0 to 62 mph (0-100 km/hr) sprint time of 2.36 seconds. This summer, Yangwang will show the public at Goodwood what the U9 is capable of on the track, and its supercars are already making their way over from China.

Yangwang Goodwood
The U9 supercar, which will make its overseas debut at the Goodwood Festival of Speed / Source: Yangwang

Yangwang U9 to make overseas debut at Goodwood

According to CnEVPost, BYD’s Yangwang brand plans to compete at the annual Goodwood Festival of Speed held each year in West Sussex in the UK. According to a recent Weibo post from Yangwang’s general manager of sales, Hu Xiaoqing, two U9 supercars departed China by boat on May 7 and are on their way to England.

According to Hu, Yangwang looks forward to showcasing its U9s at Goodwood while “meeting with supercar enthusiasts around the world.” The Goodwood Festival of Speed began in the early ’90s and is considered by many to be one of the pinnacle motorsport events for showcasing vehicle capabilities and attempting record track times.

As a UK event, China has not had much of a presence at Goodwood in the past, but Yangwang hopes to change that this year. For example, NIO was the only China-based automaker present at last year’s event. Still, we expect to see more and more EVs making their way overseas as Chinese automakers continue to expand into new markets around Europe.

The 2024 Goodwood Festival of Speed will take place July 11-14 this year, and we hope to do a full recap of the EVs (including the Yangwang U9) that stand out and hopefully don’t crash into a pile of hay. Stay tuned.

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Tesla is about to remove steering wheel nag with new Full Self-Driving update

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Tesla is about to remove steering wheel nag with new Full Self-Driving update

Tesla is planning to remove the steering wheel nag, which alerts drivers to apply torque on the steering wheel, with a new Supervised Full Self-Driving (FSD) update coming next week.

Yesterday, we reported on CEO Elon Musk giving an outline of the upcoming FSD software updates.

The CEO says that Tesla is preparing to launch fully retrained models in FSD v12.4 as soon as next week.

Musk used his usual hyperbole, like “mind-blowing”, to describe the update, but he didn’t go into much detail about it otherwise… until now.

The CEO has now confirmed that Tesla plans to remove the steering wheel nag with the upcoming Full Self-Driving v12.4:

“Steering wheel nag” is what Tesla drivers call the alerts the vehicle sends to remind drivers to apply pressure on the steering wheel. Tesla doesn’t have a way to detect hands on the steering wheel, so it can “confirm” drivers keep their hands on it – by detecting torque being applied on the wheel.

Tesla sends out those alerts every minute or so, depending on your driving speed on FSD.

The alerts can get annoying and redundant because Tesla now uses its cabin-facing camera to detect driver attention and it will send out alerts if it detects that the driver is not looking at the road for more than about three seconds.

Electrek’s Take

This was always a very poor driver monitoring system, anyway. I wouldn’t have a problem with it going away if it wasn’t for the infamous loophole in the camera-based driver monitoring system.

There will be more abuse, but it wasn’t like there wasn’t any in the first place with defeat devices.

It is certainly a ballsy move for Tesla, considering NHTSA is opening a new investigation into its recall that involved more alerts for Autopilot/FSD.

Either way, regardless of Tesla’s level nag, the drivers should always keep their hands on the steering wheel and be ready to take control at all times when using Autopilot or FSD features.

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Amazon puts first electric semi trucks into ocean freight operation

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Amazon puts first electric semi trucks into ocean freight operation

Southern California truck spotters will have plenty of electric semi trucks to watch out for as Amazon adds fifty Class 8 EVs to its commercial fleet.

The fully electric Volvo semi trucks purchased will haul both heavy cargo containers and customer package loads in Amazon’s first- and middle-mile operations in California. The trucks will join the hundreds of last-mile electric vans from Ford and Rivian that are already delivering packages across the golden state.

These are the first-ever electric trucks in the company’s ocean freight operations, also known as drayage operations. They’ve already started hitting the road at the ports of Los Angeles and Long Beach, with a dozen expected to be in service by the end of the year.

“We’re proud to launch our largest fleet of electric heavy-duty vehicles yet in California,” said Udit Madan, vice president of Worldwide Amazon Operations. “Heavy-duty trucking is a particularly difficult area to decarbonize, which makes us all the more excited to have these vehicles on the road today. We’ll use what we learn from deploying these vehicles as we continue to identify and invest in solutions to reduce emissions in our transportation network, and to impact sustainability in the trucking industry more broadly.”

Amazon picks Volvo VNR Electric semi

Volvo VNR Electric heavy-haul Class 8 BEV; via Amazon.

Amazon’s electric semi of choice this time is the Volvo VNR Electric. These class 8 trucks have a range of up to 275 miles with a gross combined vehicle weight rating (GVWR) of 82,000 pounds. The heavy-duty Volvo trucks ship with a number of safety features that will be familiar to Volvo Car owners, including active collision mitigation, blind-spot detection, lane departure warning, lane keeping assist, and adaptive cruise control.

Altogether, the Volvo VNRs Amazon just added to its fleet are projected to travel more than 1 million miles each year with zero harmful carbon and diesel particulate emissions coming out of their exhaust pipes.

Electrek’s Take

Volvo VNR Electric in oceanside drayage operation; via Amazon.

On the one hand, Amazon is making a big deal out of buying electric drayage trucks – which isn’t really big a deal in 2024, since that’s a legal requirement at this point. You literally can’t buy a new, internal combustion drayage truck in California as of this year.

That said, I’m a “celebrate every positive change” kind of guy, and the people who live and work around Amazon’s operations will be literally and figuratively breathing easier with these trucks in operation. As such, I’m willing to give California Governor Gavin Newsom a victory lap.

“California continues to lead the way in setting world-leading climate goals. No other state has created the kind of environment where Amazon and other businesses can lead on sustainability and take major steps forward like deploying this fleet of electric trucks,” said Gavin, in a statement. “California’s climate action continues powering our economy and creating jobs.”

SOURCE | IMAGES: Amazon.

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