Escalating conflict in the Middle East and Russia’s extended diesel export ban have pushed diesel prices in the UK and US up by about 10% in less than a week. Farmers face sharply higher costs for vehicles and machinery, with UK red diesel at about £1.10 a litre and US pump prices reaching a record $5.85 a gallon.

fuel pricesfarmersUS-Iran conflictRussian diesel ban

U.S. Vice President JD Vance comments on Iran and interest rates as investors shift their attention to the August jobs report scheduled for release Friday.

U.S. politicsIranarmed conflict

As Trump takes a harder line on negotiations, Tehran remains determined to keep the Strait of Hormuz closed, sustaining the escalation between the US and Iran.

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Vice President JD Vance played down the scale of the Iran conflict, saying he would not call it a “war” because major combat operations ended several weeks ago. His characterization comes as military strikes in the region have recently intensified and could trigger a midterm backlash.

US politicsIran conflictmidterm elections

South Korea is considering sending military assets to the Strait of Hormuz to support freedom of navigation, according to media reports, although Seoul says no deployment decision has been made. Iran struck US military targets in the Gulf in retaliation for a Tuesday night attack that killed four people at a wedding.

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Norway’s $2.3 trillion investment fund plans to reduce its U.S. Treasury holdings, saying it can diversify into new areas offering greater risk and returns.

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The average US diesel price has reached a record $5.85 a gallon, up from $3.71 a year ago, as the Iran conflict drives wholesale oil prices higher. Rising fuel costs are angering voters, while the Trump administration is seeking to lower prices through a major oil agreement with Venezuela.

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The Office of the Comptroller of the Currency granted a provisional charter to the new full-service bank OpenReserve, adding it to the growing group of crypto-native institutions.

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South Korean financial regulators have released a phased plan to move traditional capital markets onto distributed ledgers, culminating in settlement through onchain stablecoins.

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Volkswagen shares rose 6% on Friday after the company announced plans to eliminate another 50,000 jobs as part of its transformation plan, amid tariff pressures and competition from China.

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Volkswagen plans to eliminate a further 50,000 jobs worldwide.

Volkswagenjob cutsautomotive industry

Volkswagen employs nearly 630,000 people and is preparing to cut 50,000 more jobs worldwide after previous reductions. Its oversized workforce reflects extensive in-house production, years of brand acquisitions and costly German operations, while a slow shift to electric vehicles has left the carmaker under pressure from Chinese competitors. The company also wants to close four German factories, though its supervisory board has not yet approved immediate implementation.

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German carmaker Volkswagen says management and unions have agreed to eliminate another 50,000 jobs by the end of the decade, taking total job losses to 100,000 in the company’s biggest industry shake-up.

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Volkswagen’s supervisory board approved a sweeping overhaul involving 50,000 additional job cuts, fewer models and a smaller industrial footprint. The decision gives CEO Oliver Blume his clearest mandate yet to reshape Europe’s biggest automaker.

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Volkswagen’s board has approved another 50,000 job cuts under a broad turnaround plan, taking the group’s planned reductions by 2030 to 100,000. The carmaker blamed falling sales, weaker profits and intensifying competition, particularly from Chinese brands, and said it is reviewing capacity and possible alternative uses at several plants.

Volkswagenjob cutsauto industryGermany economy

AMC CEO Adam Aron said the company has no connection to Robinhood’s tokenized shares, reviving questions about how stocks are brought onto the blockchain.

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