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.
US President Donald Trump receives a gold helmet with his name on it during a visit to US Steel – Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the ‘partnership’ between Nippon Steel and US Steel.
Saul Loeb | AFP | Getty Images
President Donald Trump issued an executive order on Friday approving U.S. Steel’s merger with Japan’s Nippon Steel, after the companies signed a national security agreement with the U.S. government.
U.S. Steel and Nippon said the national security agreement will give the U.S. government a “golden share” and makes certain commitments related to governance, domestic production, and trade. The companies did not elaborate on what powers the U.S. government will wield with its golden share.
“All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly,” U.S. Steel and Nippon said in a statement.
The national security agreement calls for Nippon to make $11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said.
Trump said Thursday that the golden share gives the president “total control” without elaborating. Pennsylvania Sen. Dave McCormick told CNBC last month that the golden share will effectively allow the government to control a number of board seats.
Trump opposed U.S. Steel‘s controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors.
But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel’s sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally.
Trump has avoided calling the deal an acquisition or merger, describing it as a “partnership” in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain “controlled by the USA” during a speech to workers at one of the company’s plants outside Pittsburgh on May 30.
U.S. Steel made clear it would become a “wholly owned subsidiary” of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump’s description of the deal as a “partnership” caused confusion among investors and union leadership.
The president told U.S. Steel workers that Nippon will be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.
Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” He said workers will receive a $5,000 bonus.
Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.
European EV charging provider Allego has launched what is says is Europe’s first rollout of the “world’s safest and most secure” Plug & Charge technology.
The new tech is based on the open industry standard OCPP 2.0.1 and promises to make EV charging as easy as, well, plugging in your car. Forget apps, cards, and complicated sign-ins. If your EV is compatible, all you have to do is pull up and plug in.
Jean Gadrat, Allego’s CMO, said, “By removing digital friction points, apps, and cards, we give drivers the confidence to travel further and charge more conveniently. Whether in the city, on the highway, or abroad, Plug & Charge delivers the same secure, one-step charging experience.”
Here’s how Allego’s Plug & Charge works
Plug & Charge is an ISO 15118-based authentication and payment method built by Allego on OCPP 2.0.1, standardizing communication between OCPP-compliant chargers and networks.
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Once your car is enabled for Plug & Charge, the process is completely hands-off. You plug in, and your EV and the charger swap secure digital certificates to authenticate your account. There’s no need to tap an RFID card, open an app, or even press a button.
Allego’s system supports Mutual TLS encryption and certificate-based authentication, so only authorized vehicles can charge. That means no billing mistakes or fraudulent access, which has been a big concern with some older public charging setups.
Available across Europe now
Allego’s Plug & Charge functionality is at more than 5,000 fast and ultra-fast chargers across Europe, and it also works across partner networks, deploying a truly cross-network Plug & Charge experience.
It’s a future-ready platform, too. Thanks to OCPP 2.0.1, the protocol supports remote firmware updates, advanced security, and new features as they become available. So your charger can grow along with your EV.
“As new vehicle models and charging technologies emerge, OCPP 2.0.1 ensures your car always ‘speaks the same language’ as the charger,” said Manuel Trotta, Allego’s head of mobility solutions.
Allego partnered with Alpitronic, Hubject, and Ford to bring its cross-network Plug & Charge to life.
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Kia is looking to shake things up with its new custom-tailored Platform Beyond Vehicles (PBVs). The PV5, Kia’s first electric van based on the platform, is already showing how versatile it is. After the PV5 was spotted for the first time with an open bed, Kia looks about ready to drop an electric truck variant.
Is Kia launching an electric truck PV5 variant?
At the 2024 Consumer Electronics Show (CES), Kia revealed its PBV strategy for the first time. The vehicles are designed as “total mobility solutions” that combine fit-for-purpose EVs with Hyundai’s latest software and tech.
Kia’s PBVs are based on Hyundai’s new ultra-flexible E-GMP.S EV platform, which can be custom-tailored for different uses. The first EV based on the platform, the PV5, launched earlier this year in the UK in two variations, Cargo and Passenger.
The Passenger model is fairly self-explanatory as a personal, everyday van, while the Cargo version is designed for commercial use.
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Kia said more variants were on the way, including a refrigerated truck, chassis cab, open-bed, luxury “Prime” passenger, and sliding truck models.
The open-bed variant was recently captured driving in Korea, giving us our first look at the Kia PV5 as an electric truck.
Kia PV5 open bed teaser (Source: Kia)
Although brief, the video from HealerTV, taken as the vehicle was driving by, reveals a few new details. It’s our closest look at the open-bed variant so far.
Like other PV5 variants, it appears to be the same up front. In fact, it’s almost identical to the first teaser Kia showed.
Kia PV5 open bed electric truck (Source: HealerTV)
It’s hard to tell from a video, but the reporter mentioned the electric truck “seemed like it was just the right size.” Since the PV5 Passenger is 4,695 mm in length, 1,895 mm in width, and 1,899 mm in height, we can expect it to be about the same size. To give you a better idea, it’s slightly smaller than the Volkswagen ID.Buzz SWB.
More variants on the way
The electric truck, or open-bed variant, comes after we saw the PV5 “Conversion,” which will feature new models, including a light camper and a camper van.
We got a preview of the camper van after Kia revealed two new “Spielraum” PV5 concepts, including one with a refrigerator, microwave oven, and even a wine cellar. And then we got a look at the PV5 “WKNDR,” an “adventure-ready” electric van concept. Kia’s electric van even has a wheelchair-friendly version, the PV5 WAV.
Kia PV5 Spielraum concept (Source: Kia)
What’s next? Kia plans to launch a full range of electric vans. Next up will be the larger PV7 in 2027, followed by the PV9 in 2029. There’s also a smaller PV1, expected to arrive in late 2026 or early 2027.
In the future, Kia plans ot launch a Robotaxi model through a collaboration with Motional. All PBV models will be built at Kia’s Hwaseong EVO plant in South Korea. The facility can build up to 150,000 vehicles annually.
Kia PBV models (Source: Kia)
Kia said its goal is to “design PBVs that are simple and intuitive to operate and engage with, regardless of where, when or how they are used.” In other words, Kia wants to make your life easier, “Whether the purpose of the vehicle is to transport people, move goods, or meet logistics or personal mobility needs.”
In the UK, the PV5 Passenger and Cargo models start at £32,995 ($44,000) and £27,645 ($37,000), respectively.
It’s available with two battery pack options: 51.5 kWh or 71.2 kWh, offering WLTP ranges of 179 miles and 249 miles, respectively. The Cargo version gets slightly more range with 181 miles or 247 miles, respectively.
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