Truck News

Two ex-Volkswagen engineers denied charges they made a combined $300,000 trading on secret information about the carmaker’s planned $5 billion joint venture with EV maker Rivian.

American Trucking Associations President Chris Spear described the bill as government-mandated contracting instead of collective bargaining.

Brent crude fell 5.4% to $79.25 a barrel. A day earlier, oil prices dropped more than 5% after President Donald Trump said he had decided to hold off on new strikes against Iran.

Oil supplies increased by 1.16 million barrels a day in July to an average of 19.44 million barrels a day, with the three Persian Gulf nations accounting for almost all of the gains.

As the conflict has dragged on, high oil prices have driven up the cost of gasoline, jet fuel and diesel, which has led to higher shipping costs.

Any agreement formalizing Iran’s control of the strait would mark a significant strategic victory for Tehran. For that reason, the U.S. could seek to block the deal by refusing to lift the blockade.

New CEO Meg O’Neill stepped up efforts to streamline the business and rebuild investor confidence after years of underperformance.

Crude prices are down dramatically from their peak earlier this year, but fuel prices have remained elevated.

The Japanese automaker recorded a $9.4 billion net profit in the April-June period. Quarterly sales rose 10% year on year.

The gap in goods and services trade in June shrank 5.6% from the prior month to $73.3 billion, Commerce Department data showed Aug. 4.