Meta and Google-owned YouTube have appealed a Los Angeles jury verdict that found both companies negligent in a young woman’s social media addiction case, awarding $3 million in damages and recommending another $3 million in punitive damages. The lawsuit focused on platform design features such as “infinite scroll” and autoplay, arguing those elements drove harm and were not protected under Section 230 of the 1996 Communications Decency Act. The decision added pressure on Meta as it came alongside a separate New Mexico jury verdict imposing a $375 million penalty over allegations that Meta’s platforms harm children’s mental health and safety.

Seven OPEC+ countries including Saudi Arabia and Russia said they will raise oil production by a combined 188,000 barrels per day in August, marking a fifth straight monthly increase. The move comes as concerns about oversupply build alongside a U.S.-Iran interim deal and a gradual reopening of shipping through the Strait of Hormuz. Brent crude has fallen below $72 a barrel, down sharply from a March peak near $120.

The U.S. Department of Energy has issued an Energy Emergency Alert for PJM Interconnections through Friday, instructing the grid operator to conserve power and take steps to avoid blackouts. PJM forecasts peak electricity demand of 166,304 megawatts on Thursday, which would surpass a record set in 2006. Other regional grids including New York, the Midwest and New England are also under strain, with rolling outages possible in some localized areas. The situation highlights a sharp short-term mismatch between electricity supply and demand and is poised to act as a notable catalyst for prices and profitability across U.S. wholesale power markets and grid operators.

U.S. initial claims for unemployment benefits fell to 226,000, underscoring a resilient labor market. May CPI accelerated to 4.2%, the highest level in three years, after the closure of the Strait of Hormuz lifted oil and gas prices. Iran and the U.S. agreed to a ceasefire deal, with the strait set to reopen, easing near-term upward pressure on oil. The Federal Reserve held rates steady, while new Chair Kevin Warsh’s first meeting struck a hawkish tone and several officials weighed at least one rate hike this year.