An Egyptian man sits and eats ice cream as he watches international cargo and tanker ships pass through the Suez canal
Scott Nelson | Getty Images
Several of the world’s major tanker companies on Friday halted traffic toward the Red Sea after U.S. and British airstrikes on Iran-allied Houthi militants in Yemen.
Hafnia, Torm andStena Bulk confirmed that they halted traffic toward the crucial trade gateway in response to an advisory from the Combined Maritime Forces, a multinational coalition led by the U.S.
The companies are among the world’s largest operators of tankers for petroleum products such as gasoline, according to their websites. Stena Bulk also transports crude oil.
“Considering these developments and in alignment with expert recommendations, we have decided to immediately halt all ships heading toward or within the affected vicinity,” Hafnia spokesperson Sheena Williamson-Holt told CNBC in statement.
“The situation is dynamic and ships should consider holding outside of the area while a period of taking stock of the situation is undertaken until daylight on Saturday 13 January,” the tanker association said.
The Bab el-Mandeb Strait connects the Gulf of Aden with the Red Sea. Some 7 million barrels of crude oil and products transit the Red Sea daily, according the trade analytics firm Kpler.
West Texas Intermediate futures spiked more than 4% to $75.25 while Brent touched $80.75 earlier in the session. The benchmarks have since pulled back with U.S. crude trading at $72.89 a barrel and Brent trading at $78.53.
“The market is going to wait to see whether we see this spread to a significant waterway for oil like the Strait of Hormuz,” Helima Croft with RBC Capital Markets told CNBC on Friday. Some 18 million barrels of crude and products transit the Strait of Hormuz daily, according to Kpler.
Robert McNally, president of Rapidan Energy, said the key flashpoint is really Lebanon, where Israel has threatened to push Iran-allied Hezbollah back from the border area. Hezbollah is Iran’s strategic right arm, McNally said, and Tehran would have to respond.
“Its leverage point is oil, specifically gasoline prices in an election season,” McNally said of Iran. The risk is that Tehran would respond to a major Israeli attack against Hezbollah by attacking oil vessels in the Strait of Hormuz or by targeting oil infrastructure in the Arabian Gulf, McNally said.
Goldman Sachs has said oil prices could double if there is a prolonged disruption in the Strait of Hormuz, though the investment bank views that scenario as unlikely.
Houthis vow to respond
U.S. and British warplanes launched strikes against the Houthis, who are allied with Iran, after the militants repeatedly attacked commercial vessels in the Red Sea in defiance of coalition warnings.
“These strikes are in direct response to unprecedented Houthi attacks against international maritime vessels in the Red Sea — including the use of anti-ship ballistic missiles for the first time in history,” President Joe Biden said in a statement Thursday.
The U.S. Air Force launched more than 60 strikes on 16 Houthi locations using over 100 precision-guided munitions, according to U.S. Central Command.
The Houthis have vowed to retaliate for the U.S. and British airstrikes.
The Houthis have launched 27 attacks on shipping lanes in waterway since Nov. 19, according to U.S. Central Command. The militants say the attacks are in response to Israel’s military campaign in Gaza.
The bulk of those attacks have been on container ships. Tanker traffic in the Red Sea was steady throughout December, averaging 230 vessels daily compared 239 in November, according to Kpler.
Container ship traffic, on the other hand, dropped 31% in December compared to the month prior, according to Kpler data.
— CNBC’s Lori Ann Larocco contributed to this report.
BYD’s luxury brand, Yangwang, has claimed a new Nürburgring Nordschleife record for a production electric vehicle with its U9 hypercar.
The automaker released video of the Yangwang U9 Xtreme, a limited-edition version of the car, completing a lap of the “Green Hell” in a blistering 6:59.157 last month.
It made the U9 the first production EV to break the 7-minute barrier at the legendary German track.
Today, the run, driven by German racer Moritz Kranz, was officially certified by Nürburgring officials.
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BYD announced:
Only weeks after becoming the fastest production car in history with a top speed of 496.22 km/h, the YANGWANG U9X has now conquered the Nürburgring Nordschleife in record time, completing the lap in 6:59.157, making it the fastest EV production vehicle around the track.
The production EV record at Nürburgring has been frequently broken over the last few years. It even changed hands several times in the same month at times – a testament to how rapidly EV technology is improving.
It is also a somewhat controversial title due to what people consider to be a “production vehicle”.
The Yangwang U9 Xtreme isn’t your average EV. It’s built on a 1200-volt platform and uses four electric motors (one at each wheel) to produce a combined output of nearly 3,000 hp. This is the same car that also claimed the world record for the fastest production car, hitting a top speed of 308 mph (496 km/h) last month.
It’s built in a limited-run production with only about 30 units reportedly planned – hence why some people might question the “production EV” part.
Electrek’s Take
I know there’s going to be some pushback on this, but regardless, a sub-7-minute lap in any car is serious business, and doing it in an EV is doubly impressive — credit where it’s due.
Does a Nürburgring lap time matter for 99.9% of EV buyers? Absolutely not. But it is an excellent showcase of the rapidly improving EV technology.
BYD and Yangwang are clearly utilizing the U9 platform to push their engineering capabilities, relying heavily on their “e⁴ Platform” and “DiSus-X” intelligent body control system to manage the immense power on a demanding track.
It’s impressive to see BYD produce something like the U9 at the very high end of the automotive spectrum, and then something like the $10,000 Seagull at the other end.
That’s quite a range.
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According to the latest “US Wind Energy Monitor” report from Wood Mackenzie and the American Clean Power Association (ACP), developers installed 593 megawatts (MW) of new wind capacity in Q2 2025 – a 60% drop from the same quarter last year. But the US wind industry is expected to rebound fast, with 51% of forecasted capacity to come online in Q4 and full-year installations projected to hit 7.7 gigawatts (GW).
Onshore developers are in a race
The onshore wind market outlook rose 3.6% quarter-over-quarter (2.4 GW) as developers push to complete projects before federal tax credits expire.
“We are seeing this uptick in the near term because many projects are shovel-ready or under construction, fully permitted, and with a turbine order in place,” said Leila Garcia da Fonseca, director of research at Wood Mackenzie. “However, we will face uncertainty later in this decade due to tariff investigations and permitting challenges.”
Federal policy uncertainty has created a lot of headaches for the wind industry in H1 2025. While the Treasury Department’s guidance on tax credit eligibility provided a 7% boost to near-term installations, new tariff investigations could negatively impact two-thirds of the supply chain for wind turbine components. The Department of Commerce’s national security probe into imported turbine components threatens to raise project costs by as much as one-third, potentially delaying or derailing late-decade projects.
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“We’re seeing policy whiplash,” Garcia da Fonseca added. “Treasury guidance helps the advanced development pipeline, but tariff investigations and permitting hurdles are creating uncertainty beyond 2027.”
Western states are expected to lead wind activity through 2029, accounting for 31% of new capacity, followed by the Midwest. Illinois is set to overtake Texas with the most new onshore capacity in 2027, with more than 1.8 GW expected to come online.
Offshore wind’s five-year outlook
The offshore sector continues to face headwinds of federal stop-work orders and regulatory uncertainty. Even so, Wood Mackenzie projects 5.9 GW of offshore capacity will come online by 2029, with most of it arriving in 2026 and 2027.
“Recent federal stop-work orders and regulatory uncertainty have disrupted the offshore wind sector, weakening already fragile offtake opportunities and exposing the high investment risk in US offshore wind development,” Garcia da Fonseca said. “However, our five-year outlook remains unchanged, and 70% of forecasted capacity is already under construction.”
The next big year for US wind
Wood Mackenzie expects average annual installations of 9.1 GW over the next five years across onshore, offshore, and repowering projects. By the end of 2029, total installed wind capacity is projected to hit 196.5 GW, including about 35.5 GW from new onshore builds, 6 GW offshore, and 4.5 GW from repowering.
A major spike is expected in 2027, when shovel-ready projects are slated to connect at a record pace, adding 12.3 GW of new capacity.
“Despite political headwinds, wind projects are demonstrating market resilience,” said Garcia da Fonseca. “Wind continues to secure interconnection service agreements in 2025 despite anti-wind rhetoric. The technology maintains meaningful market presence even as solar and storage lead interconnection activity, with leadership concentrated in SPP and ERCOT.”
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General Motors today pulled the plug on its BrightDrop electric delivery van program, announcing it will permanently end production at its CAMI Assembly plant in Ingersoll, Ontario.
This is a disappointing reversal for a program that was supposed to be a cornerstone of GM’s commercial EV ambitions.
In a statement, the company blamed a “slower than expected” commercial EV market, a “changing regulatory environment,” and the elimination of US tax credits for the decision. Production will not be moved elsewhere; the BrightDrop Zevo line is, for all intents and purposes, dead.
The move comes just two years after GM, with $500 million in Canadian government support, celebrated opening CAMI as Canada’s “first full-scale EV manufacturing plant.”
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The company delivered a marginal 146 vans in the US in 2022 and just 497 in all of 2023.
But things were finally picking up this year despite a production pause in April.
Data from 2025 shows the ramp was finally hitting its stride, with sales reportedly jumping to 2,384 units in the third quarter alone—a massive 869% increase year-over-year. The company was on track to sell around 4,000 units this year.
That’s not a massive number, but it was heading in the right direction.
GM, however, sees it differently. As noted by industry observers, GM executives are comparing BrightDrop’s 4,000 sales to the 60,000+ sales of its ancient, gas-guzzling Chevy Express and GMC Savana vans, a platform that dates back to the 1990s.
While GM’s official statement to the CBC was that the decision was “simply a demand and a market-driven response,” the Unifor auto union isn’t buying it. The union, which represents the 1,200 laid-off workers, squarely blamed the “dangerous and destabilizing auto policies” of the Trump administration for undoing EV supports.
Furthermore, vehicle programs that cross the US-Canada border have faced significant challenges in 2025 due to the trade war launched by the Trump administration against Canada.
Electrek’s Take
It’s another EV pullback partly based on government actions.
But we can’t blame everything on Trump. GM is quick to pull back its EV programs due to political considerations, which do drive demand.
The company took half a billion dollars in taxpayer money to retool a factory, only to abandon it less than 36 months after the first van rolled off the line. They are abandoning what will undoubtedly be a growing market in the long term, ceding ground to Ford’s E-Transit and Rivian’s van, and blaming “low demand” at the very moment sales were beginning to spike.
Brightdrop’s lineup was a bit bigger than other commercial electric vans, which might have limited its market, but I still think that long-term, there will be a singnifcant market for electric vans in this segment.
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