In May, U.S. manufacturing activity remained in “expansion territory,” said Susan Spence, MBA, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee. 

The effective closure of the Strait of Hormuz in early March has driven Asian buyers to look for alternative sources to replace disrupted Persian Gulf barrels.

The Trump administration is pushing to bring about political and economic reforms to the island via a combination of sanctions, cutting off its access to energy supplies.

Commerce Department data showed exports rose in April, shrinking the monthly trade deficit.

The move is part of an effort to insulate Americans from rising energy costs, including gas at more than $4 per gallon, because of the war with Iran.

Residents in Kuwait said they are increasingly concerned there will be more attacks.

The blockade is depriving Tehran of petroleum revenue and the market of millions of barrels of supply.

Section 301 tariffs are seen as more legally sound and flexible than other powers Trump has eyed, but also more time-consuming. 

The company has managed to send at least eight oil tankers through Hormuz during the war, far more than any other independent owner.

he proposed tariffs would exempt some products, including beef, coffee, rare earth metals, aircraft equipment and certain fruits and vegetables, among the main goods the U.S. imports from Brazil.