Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes

The story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.

The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.

The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.

The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”

In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.

It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn.

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© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA

© Photograph: Tolga Akmen/EPA

Environmentalists renew calls for windfall tax to support households after Q2 earnings rise to almost $10bn

Shell has posted its second highest quarterly earnings on record as the energy market surge caused by the Middle East crisis helped to double its net profit to almost $10bn in the three months to June.

Europe’s biggest oil and gas company reported a quarterly profit of $9.8bn (£7.4bn), more than double the figure for the second quarter last year and the highest since its record-high earnings in the months after Russia’s invasion of Ukraine.

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© Photograph: Yui Mok/PA

© Photograph: Yui Mok/PA

© Photograph: Yui Mok/PA

One task awaiting new energy secretary Miatta Fahnbulleh is devising a plan to avoid a crisis by the end of the decade

Welcome to the energy secretary job, Miatta Fahnbulleh. You have a politically tricky decision to make on whether to approve production at the Jackdaw gasfield and the Rosebank oilfield. But here’s another one that can’t wait much longer: what is the broader plan to ensure Britain avoids a gas supply crisis in 2030?

By way of reminder, one of the more alarming reports published by the energy department under Ed Miliband was the one that warned of “an emerging risk” to gas supplies at the turn of the decade if an important piece of kit – an import terminal, say, or the critical 725-mile Langeled pipeline from Norway – were to be out of the action during a severe cold snap.

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© Photograph: PA Images/Alamy

© Photograph: PA Images/Alamy

© Photograph: PA Images/Alamy

Diplomats say de-escalation talks continue as Trump vows retaliation over US soldier deaths

• Middle East crisis live – latest updates

The US military said it has launched its 10th consecutive round of strikes on Iran to force the reopening of the strait of Hormuz.

Earlier on Monday, Iran’s president said the country is in a “full-scale war” after the US expanded its aerial campaign and Tehran struck Washington’s Gulf allies, even as diplomats said talks to de-escalate were continuing.

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© Photograph: US Central Command (CENTCOM)/AFP/Getty Images

© Photograph: US Central Command (CENTCOM)/AFP/Getty Images

© Photograph: US Central Command (CENTCOM)/AFP/Getty Images

Campaigners say field will bring minimal benefit for UK economy, as industry lobbies Burnham for go-ahead

More people can fit on to the top deck of a standard London bus than will be directly employed on the new Jackdaw gasfield in the North Sea, industry documents show.

Only 27 direct full-time jobs would be created by Jackdaw, one of the biggest gasfields remaining in the North Sea, according to an environmental impact assessment filed publicly by its owner, Adura, a joint venture between Shell and Norway’s Equinor.

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© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock

© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock

© Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock

Lobby appeals to prospective PM’s reindustrialisation agenda as it pushes for Rosebank and Jackdaw approval

The UK’s North Sea oil industry has made a last-ditch attempt to curry favour with the Labour government by appealing to Andy Burnham’s reindustrialisation agenda just days before he is expected to become Britain’s next prime minister.

Industry lobbyists have written to more than 400 Labour MPs to call on the government’s new leaders to allow more oil and gas drilling in UK waters to support homegrown energy and show “a commitment to UK manufacturing, industrial capability and the skilled workforce that has powered the nation for generations”.

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© Photograph: Rick Wood Photography/Alamy

© Photograph: Rick Wood Photography/Alamy

© Photograph: Rick Wood Photography/Alamy

Villagers in Awoye in the Niger Delta say the ongoing pollution is causing sickness and environmental destruction, while pleas for help go unanswered

Perched on a narrow hospital cot across from her son, Bodunwa Orugbemi can hear the distant Atlantic Ocean and smell the stench of crude oil on the air drifting in from the shore. For days, her 21-year-old son has been lying in this hospital in the Niger Delta, swallowing small spoonfuls of food without being able to speak.

Seventy‑year‑old Orugbemi says Ijadopin started coughing one evening in May, inside their small wooden home in Awoye on Nigeria’s Atlantic coastline. After a few days his cough intensified, then he developed a skin irritation, followed by difficulty breathing.

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© Photograph: NurPhoto/Getty Images

© Photograph: NurPhoto/Getty Images

© Photograph: NurPhoto/Getty Images

The US energy landscape is changing quickly. Demand for artificial intelligence is driving up power demand while electric vehicle (EV) adoption slows down and enters a more complex phase. Together, these trends are reshaping how utilities, policymakers, financiers and automakers respond to emerging challenges in the energy sector.

The preliminary agreement may not have an immediate effect on prices at the pump. Damaged infrastructure and risky transport could keep costs up.

© Jenny Kane/Associated Press

The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.

© The New York Times

The AI boom is ushering in a new era for energy storage. As data center buildout accelerates, batteries are evolving from short-duration backup tools into larger, more flexible systems that can help bring facilities online faster and manage complex power needs. In the US in particular, a growing pipeline of projects is emerging, with batteries increasingly paired with on-site generation or used to smooth demand and unlock faster connections to the grid. So how are data centers changing the energy storage market, and what role could these systems play in the power grid of the future? On today’s show, Tom Rowlands-Rees is joined by, Caitilín McManus, a technology and innovation associate at BloombergNEF, to discuss her recently released note “Data Centers’ Energy Storage Ramp Up: Project List Grows.”

An oil price rally has been evasive even though the Strait of Hormuz is largely closed and inventories are falling sharply. The oil market is dealing with a temporary supply disruption on top of a structurally bearish backdrop. BloombergNEF’s oil price modeling reflects the possibility that Brent futures have already peaked just above $104 per barrel, or are close to peaking, when measured on a monthly average basis. Once the shock effect starts to fade, attention is likely to shift back to slowing demand growth and rising supply.

Some will question its credibility – but the alternative future to the one imagined in the Global Justice Report is far more bleak

• ‘An equal and habitable world is possible’: academics set out sweeping vision for planetary survival

In our increasingly dystopian world, who wouldn’t want to at least be open to a utopian antidote? The Global Justice Report, published on Thursday, outlines how to build a prosperous, equitable world within safe planetary boundaries. It’s a push from the modern eco-socialist left in a global battle for ideas that will shape the future.

Based on past social achievements and future energy transformation, it indicates that the overwhelming majority of people on the planet could, by the end of the century, work less and earn more – while keeping temperatures down and avoiding much of the current destruction of nature. It is an ambitious, comprehensive and upbeat plan, and a stronger argument around which to build a political campaign than abstract goals of net zero or decarbonisation.

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© Photograph: Emmanuel Croset/AFP/Getty Images

© Photograph: Emmanuel Croset/AFP/Getty Images

© Photograph: Emmanuel Croset/AFP/Getty Images

The AI boom is ushering in a new era for energy storage. As data center buildout accelerates, batteries are evolving from short-duration backup tools into larger, more flexible systems that can help bring facilities online faster and manage complex power needs. In the US in particular, a growing pipeline of projects is emerging, with batteries increasingly paired with on-site generation or used to smooth demand and unlock faster connections to the grid. So how are data centers changing the energy storage market, and what role could these systems play in the power grid of the future? On today’s show, Tom Rowlands-Rees is joined by, Caitilín McManus, a technology and innovation associate at BloombergNEF, to discuss her recently released note “Data Centers’ Energy Storage Ramp Up: Project List Grows.”

Exclusive: Cache of internal documents leaked to the Guardian and the ABC’s Four Corners show multinational has war-gamed ways to massively delay decarbonisation

• Revealed: the internal BHP memo that slammed the brakes on world’s biggest miner’s climate push

• Read more from the BHP files investigation here

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The world’s biggest miner has halted or delayed projects to cut vast amounts of emissions and has quietly war-gamed options to push major climate investments in its Western Australian iron ore operations into the next two decades, internal documents show.

An exclusive investigation based on documents leaked to the Guardian and the ABC’s Four Corners can reveal that BHP, one of Australia’s biggest historic emitters, has dumped plans for a facility that could have significantly reduced emissions and has put on ice renewable projects designed to power its iron ore operations in the vast, resource-rich Pilbara region.

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© Illustration: Guardian Design

© Illustration: Guardian Design

© Illustration: Guardian Design

Exclusive: BHP once dubbed climate change an ‘existential’ threat. But leaked documents show it has backtracked on decarbonisation at a vast network of mines

• Read more from the BHP files investigation here

In the middle of 2019, London was sweltering through a heatwave.

Temperature records tumbled. Frail, ill and elderly people died in their hundreds.

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© Composite: Guardian

© Composite: Guardian

© Composite: Guardian

An analysis of oil export data offers clues about which nations have benefited from higher prices, and which have lost a lot of revenue.

© The New York Times

The US energy landscape is changing quickly. Demand for artificial intelligence is driving up power demand while electric vehicle (EV) adoption slows down and enters a more complex phase. Together, these trends are reshaping how utilities, policymakers, financiers and automakers respond to emerging challenges in the energy sector.

Copper is the unsung hero of the energy transition—powering everything from electric vehicles and data centers to tomorrow’s grids. But as global ambitions for electrification accelerate, copper is caught in the crossfire of structural supply shortfalls, decades of underinvestment, tariffs, and shifting industrial policies.