The United States has launched fresh military strikes targeting Iranian naval assets and announced it would resume its naval blockade around the Strait of Hormuz, intensifying tensions in one of the world's most vital energy shipping lanes. US Central Command said the overnight operations hit an Iranian submarine and a naval maintenance facility, framing the action as retaliation for Tehran's recent attacks on merchant vessels in the strategic waterway.
President Trump declared the United States would serve as the "guardian" of the Strait of Hormuz and unveiled plans to levy a 20 percent tax on cargo transiting the route. His administration has not detailed how it would enforce such a charge.
Iran rejected the declaration outright. Foreign Minister Abbas Araghchi countered that Tehran has "always been the guardian of the strait," while Iranian military officials warned they would not tolerate American interference in managing the waterway.
The Islamic Revolutionary Guard Corps said it struck US military facilities in Jordan, Bahrain and Kuwait, plus radar sites in Oman. Bahrain alleged Iran had targeted civilian zones in the attacks.
Some commercial vessels still navigate the strait despite the flare-up, though ship-tracking data shows traffic remains well below normal. The escalation jeopardises ceasefire efforts and threatens global energy markets, since roughly one-fifth of the world's oil and liquefied natural gas exports typically flow through the Strait of Hormuz.
Volkswagen Group is considering eliminating as many as 100,000 jobs globally as Europe's biggest carmaker moves to slash costs following profit declines and softening demand across key markets. Chief executive Oliver Blume told staff the company operates roughly 20 percent more expensively than rival manufacturers.
He said management is reviewing all brands, regions and business units to gauge the extent of restructuring needed. The potential cuts would double the 50,000 positions previously targeted for elimination in Germany by 2030.
Blume also acknowledged uncertainty surrounding four German factories, including electric vehicle plants in Zwickau and Emden, which have battled high operating costs. Volkswagen's operating profit has deteriorated sharply in recent years, falling from €22.6 billion in 2023 to €19.1 billion in 2024, then dropping further to €8.9 billion last year.
Weaker sales in China have hurt the automaker, with deliveries down 26 percent in the first half of the year, while US exports have faltered following tariffs on imported vehicles. Traditional European carmakers face mounting pressure as Chinese electric vehicle producers expand globally with cheaper production and cutting-edge technology.
President Trump has urged South Carolina Governor Henry McMaster to appoint Lindsey Graham's sister, Darline Nordone, as interim senator following the Republican lawmaker's death. Graham was a close Trump ally.
