Shares of Lucid Group plummeted Tuesday after a report that the Saudi-backed electric vehicle maker is weighing a bankruptcy filing as part of a possible restructuring.
The company quickly denied the report, saying that "the rumors are completely false," after which its stock recovered some ground.
Why it matters: Lucid has earned rave reviews for its EVs and recently won a self-driving car deal with investor Uber — but the company has never recorded a quarterly profit.
Inflation fell in June, on the back of lower energy prices, the government said Tuesday.
Why it matters: It's the largest one-month decrease since April 2020, but it may be a short-lived reprieve — the report doesn't account for the sharp increase in oil prices this month as the Iran war re-ignites.
Data: Global Energy Monitor, Axios research; Map: Danielle Alberti/Axios
The oil market's top players aren't waiting around to see who winds up with control over the Strait of Hormuz — countries and companies are scrambling to bypass the waterway.
Why it matters: The Iran war threw a spotlight on the strait as the longtime center of the global energy trade, and the industry now has a huge incentive to reduce its dependence, regardless of the war's outcome.
"The 2026 U.S.-Iran war and Strait of Hormuz disruption may ultimately be remembered less for triggering an immediate oil crisis than for accelerating global efforts to reduce dependence on the world's most important energy chokepoint," Bloomberg Intelligence analysts wrote in a report.
