Hegseth Pledges Iran Will Not Be "Endless War" As Trump Vows "Big Wave" Of Attacks Ahead

Auto Stocks Slide As VW Cuts Outlook, Industry Urges Trump To Keep BYD Cars Out Earnings pressure and trade-policy uncertainty are weighing on auto stocks on Friday. Volkswagen shares fell as much as 7.5% after the struggling European automaker lowered its operating-margin forecast, reflecting a write-down on its Porsche stake and weak Chinese demand. Separately, US auto industry groups urged the Trump administration to maintain restrictions on Chinese vehicles, according to a Bloomberg report. "Allowing them to open a domestic facility would provide a foothold in the US market at the expense of...

President Trump on Tuesday backtracked on his demand for ships transiting the Strait of Hormuz to pay the US a 20% fee, saying instead that he wants “trade and investment deals” from the Gulf Arab states. “Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement […]

China Added 200,000 Bpd To Crude Reserves In July Despite Hormuz Crisis By Tsvetana Paraskova of OilPrice.com China is estimated to have added about 200,000 barrels per day (bpd) of crude oil to its huge inventories in July as imports rebounded from a decade-low in June and refinery runs remained depressed. The world’s top crude oil importer, unlike other major oil consumers, started drawing down on stockpiles only in May, the third month of the Middle East crisis, as it had amassed an estimated 1.4 billion barrels of crude oil in commercial...