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The war between Israel and Iran has raised concerns that Iran could retaliate by trying to close the Strait of Hormuz, the world’s most important oil chokepoint.

FRANKFURT, Germany — Volkswagen and its employee representatives said they reached a wage deal for 120,000 German workers that avoids plant closings and bars involuntary layoffs through 2030.

FRANKFURT, Germany — Eight members of OPEC+ decided Dec. 5 to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries.

FRANKFURT, Germany — Volkswagen says auto industry headwinds mean it can’t rule out plant closings in its home country and must drop a pledge that would have barred layoffs through 2029.

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on June 2 extended output cuts through next year, a move aimed at supporting slack prices.

FRANKFURT, Germany — The International Energy Agency’s 31 member countries agreed March 1 to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.

FRANKFURT, Germany — Daimler AG’s luxury car brand Mercedes-Benz is stepping up its transition to electric cars, doubling the planned share of sales by 2025 and sketching out a market scenario in which new car sales would “in essence” be fully electric by the end of the decade.

FRANKFURT, Germany — German automaker Daimler reaped strong profits in the second quarter as demand for its Mercedes luxury cars continued to rebound from the depths of the pandemic, generating cash that the company can invest in its shift to electric vehicles.

FRANKFURT, Germany — Germany’s Daimler Truck AG and Sweden’s Volvo Group say they plan to jointly manufacture hydrogen fuel cells for trucks in Europe starting in 2025 and called on European Union policymakers to boost incentives for climate-neutral technologies.

FRANKFURT, Germany — BMW intends to speed the rollout of new electric cars, vowing to bring battery-powered models to 50% of global sales by 2030, the German automaker said March 17.