Top social media platforms urged the Australian government not to place too much weight on early evidence showing most children still use their products despite a landmark under-16 ban, as lawmakers weigh tougher penalties and investigative powers for regulators

Top Overnight News Iran-backed Houthi rebels killed six people aboard a cargo ship in the Bab el-Mandeb Strait on Tuesday, the first reported fatalities from attacks targeting Red Sea shipping in more than a year. CNBC Pakistan said the 60-day deadline for a US-Iran MoU may be extended, but the larger peace process has stalled. Earlier, Donald Trump said the US “totally” controls the Strait of Hormuz. Oil wavered. BBG President Trump is betting the pressure of sanctions and a naval blockade will force Iran to bend. But the country’s rulers are taking time-tested steps to keep their chronically battered economy functioning just enough to resist a drawn-out campaign. WSJ The oil market faces a severe supply deficit of 1.8 million b/d this quarter due to renewed Middle East conflict, despite high prices cutting demand by half to 1.6 million b/d, the IEA said. BBG US-Japan efforts to support the yen risk being undermined by tensions between Scott Bessent’s calls for BOJ tightening and Sanae Takaichi’s preference for accommodative policy, investors said. BBG CPI Preview: We expect a 0.19% increase in July core CPI (vs. +0.2% consensus), corresponding to a year-over-year rate of +2.47% (vs. +2.5% consensus). We expect a 0.05% increase in headline CPI (vs. +0.1% consensus), reflecting lower energy prices. Our forecast is consistent with a larger 0.26% increase in core PCE in July, reflecting a large increase in its portfolio management component. GIR Democratic socialist Francesca Hong’s loss in Wisconsin’s Democratic gubernatorial primary Tuesday night revealed limits to the far left’s power — and is undercutting the narrative of an emerging insurgency. Politico President Donald Trump is looking for new policy pledges he can present to voters ahead of the midterm election, according to a top economic aide and a former administration official, including potentially calling on Congress to cut capital gains taxes and create an exemption for certain home sales. BBG Oracle has drawn up plans for a new round of job cuts to reduce payroll as it racks up billions in debt to fund AI infrastructure, according to people familiar with plans. Business Insider