CNBC

Former Venezuelan Minister of Petroleum & Energy Rafael Ramirez described the U.S.-Venezuela oil deal as “not a partnership,” warning it could cost Venezuela control of its oil reserves and sovereignty. CNBC has the details of the deal: cnb.cx/460NSGE

Anthony Scaramucci says he had what he calls “Potomac fever” when he went to Washington: the belief that a Wall Streeter can come in and fix the system. But Scaramucci says Washington changes people — not the other way around. He says Howard Lutnick and Scott Bessent have it, too. Watch the full episode of “Executive Decisions with Steve Sedgwick” wherever you get your podcasts: cnb.cx/3UzyTAO

China’s President Xi Jinping gave his Iranian counterpart Masoud Pezeshkian a brief, low-profile audience at a regional security summit, signaling Beijing’s calibrated approach toward Tehran just weeks ahead of Xi’s planned trip to Washington. Chinese state media, including the Communist Party’s flagship newspaper, People’s Daily, gave extensive coverage to Xi’s encounters with other visiting leaders on Tuesday, but made no mention of the meeting with Pezeshkian. Read CNBC's full analysis of this balancing act: cnb.cx/4cqJPa1

BP on Wednesday formally appointed Ian Tyler as chair after the surprise dismissal of his predecessor Albert Manifold contributed to leadership upheaval at the oil major. Tyler joined the company's Board as a non-executive director in April last year and was appointed interim chair on May 26. "Ian brings significant experience providing challenge and support to executive teams, while maintaining strong governance and oversight on behalf of shareholders," Dame Amanda Blanc, BP's senior independent director, said Wednesday.

President Donald Trump said he was “not trying to force Iran to the bargaining table,” as U.S. forces completed a fresh round of strikes against the Middle Eastern country on Tuesday stateside. Tehran has responded to American strikes, targeting U.S. ally Jordan. The country’s armed forces said that it was targeted by a missile attack that originated from Iranian territory. More on CNBC: cnb.cx/3UzJtYA

Shares of Japanese beverage maker Ito En surged more than 8% Wednesday, following its fiscal first-quarter results, bucking a broader drop in the country's stocks. The maker of Oi Ocha green tea on Tuesday reported operating profit of 10.2 billion yen ($63.7 million) for the three months from May through July, up 22% from a year earlier. Revenue rose 3.3% to 135.18 billion yen over the same period. Operating profit came in well above Citi's forecast of 7.7 billion yen. The bank had expected profit to decline on the back of higher raw material and tea leaf costs, as well as expenses related to the company's vending machine business.

DigitalBridge CEO Marc Ganzi tells CNBC’s Leslie Picker that the market is at a “toppy-esque moment” as billions of dollars pour into America’s AI buildout. Sign up for the Inside Alts newsletter and watch the full interview: cnb.cx/4cq6aVk

Oil rose Wednesday, as Mideast tensions continue to escalate after the U.S. carried out its latest round of attacks on Iran, while Tehran reportedly struck back at U.S. allies. Futures for international benchmark Brent crude for November delivery gained over 2% at $96.59 a barrel. U.S. West Texas Intermediate futures for October advanced 1.73% at $91.78 per barrel.

Nationally, pre-leasing in July was up year over year, according to a Yardi index of the most important student housing markets. But some types of universities are seeing much higher occupancies and lagging construction, while others are overbuilt with falling demand. CNBC's Diana Olick has the details. Read the full report: cnb.cx/4zPkFMb

Daniel Roberts, co-founder and co-CEO of IREN, says AI demand is outpacing capacity as the data center operator shifts from bitcoin mining to AI cloud. As President Trump weighs in on data centers, Roberts gives his opinion on the backlash. Watch more here: cnb.cx/4i7e21v