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• Saudi Arabia sets its sights on Britain’s military jewel
  Oil pumps have long dotted Saudi Arabia’s desert landscape,...
  Oil pumps have long dotted Saudi Arabia’s desert landscape, but they could soon be joined by a raft of factories.
  
  Crown Prince Mohammed bin Salman wants to turn the country into the Gulf’s manufacturing powerhouse as it moves away from oil and gas.
  
  The heir to Saudi Arabia’s $2 trillion throne wants to increase industrial exports to $148bn (£116bn) by 2030, tripling factory numbers to 36,000 by 2035 which will churn out everything from warships to cars.
  
  Now, he has his sights set on another lucrative, albeit expensive and notoriously complex market – fighter jets.
  
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• Iran's foreign minister visits Saudi Arabia's powerful crown prince as tensions between rivals ease
  DUBAI, United Arab Emirates (AP) — Iran's foreign minister met Friday with Saudi Arabia's Crown Prince...
  DUBAI, United Arab Emirates (AP) — Iran's foreign minister met Friday with Saudi Arabia's Crown Prince Mohammed bin Salman as part of his visit to the kingdom, a sign of how the two countries are trying to ease tensions after years of turmoil.
  
  Since reaching a Chinese-mediated détente in March, Iran and Saudi Arabia have moved toward reopening diplomatic missions in each other's countries. Saudi King Salman has even invited Iranian President Ebrahim Raisi, a hard-line protégé of Khamenei, to visit the kingdom as well.
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• Appeals court strikes down Utah oil railroad approval, siding with environmentalists
  A U.S. Appeals Court on Friday struck down a critical approval for a railroad project that would have...
  A U.S. Appeals Court on Friday struck down a critical approval for a railroad project that would have allowed oil businesses in eastern Utah to significantly expand fossil fuel production and exports.
  
  The ruling is the latest development in the fight over the proposed Uinta Basin Railway, an 88-mile (142-kilometer) railroad line that would connect oil and gas producers in rural Utah to the broader rail network, allowing them to access larger markets and ultimately sell to refineries near the Gulf of Mexico. The railroad would let producers, currently limited to tanker trucks, ship an additional 350,000 barrels of crude daily on trains extending for up to 2 miles (3.2 kilometers).
  
  Additionally, communities in neighboring Colorado including Eagle County and the city of Glenwood Springs — which filed a brief in support of the lawsuit — are worried about safety and potential train derailments. Oil trains would link from the proposed new Uinta Basin line to the common carrier network throughout the country, including through Colorado.
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• Stocks end mostly lower, Nasdaq books biggest 3-week drop since December
  Stocks closed mostly lower Friday, capping off a bruising week...
  Stocks closed mostly lower Friday, capping off a bruising week of losses as Treasury yields jumped and China’s mounting property woes gripped investors. The Dow Jones Industrial Average DJIA  rose about 27 points, or 0.1%, ending near 34,501, according to preliminary FactSet data. The S&P 500 Index SPX  was nearly flat at 4,370 and the Nasdaq Composite Index COMP shed 0.2%, despite briefly turning positive late in the session. It still was a tough week for equities, with the Dow booking a 2.2% loss, the S&P 500 index a 2.1% decline and the Nasdaq a 2.6%. The Nasdaq also posted its biggest 3-week decline since December 2022, according to Dow Jones Market Data. Yields on the 10-year Treasury rose for a 5th week in a row, with the benchmark TMUBMUSD10Y rate briefly touching its highest level since November 2007, before settling back at 4.251% on Friday.
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• Closing Oil & Gas Prices for Friday
  Benchmark U.S. crude oil for September delivery...
  Benchmark U.S. crude oil for September delivery rose 86 cents to $81.25 a barrel Friday. Brent crude for October delivery rose 68 cents to $84.80 a barrel.
  
  Wholesale gasoline for September delivery was unchanged at $2.82 a gallon. September heating oil rose 7 cents to $3.16 a gallon. September natural gas fell 7 cents to $2.55 per 1,000 cubic feet.
  
  
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