Oil prices at four-year high; Bank of England expected to hold interest rates at noon – business live

Oil prices retreat after earlier surge to over $126 a barrel on Reuters report the US presses ahead with plans for an international coalition to open the strait of Hormuz

Volkswagen lost more than a billion euros from US tariffs and the cost of ending production of a battery vehicle in Tennessee in response to Donald Trump’s anti-electric car policies.

Germany’s biggest carmaker on Thursday reported a €500m cost of winding down production of the ID.4, an electric crossover SUV, in favour of producing a bulkier petrol SUV, the Atlas. It also said there was a €600m cost from US tariffs.

The world is undergoing fundamental change – and we are aligning our strategy consistently. Wars, geopolitical tensions, trade barriers, stricter regulations, and intense competition are creating headwinds.

In this environment, the planned cost reductions are not enough. We must fundamentally transform our business model and achieve structural, sustainable improvements. This includes improving the cost structure of our vehicles without compromising product substance, significantly reducing overhead costs, increasing the efficiency of our plants, and accelerating technology development and decision-making.