Peter Eavis

Ssense’s comeback efforts include moving a core part of its business to the United States so American customers can avoid hefty tariffs.

Thousands of civilian workers remain stranded on ships at risk of attack by Iran. On one vessel, sailors have been held by the Iranian navy for more than three months.

An explosion at a port on Egypt’s Mediterranean coast set fire to two ships, including a U.S. gas storage tanker, according to maritime tracking firms.

Saronic Technologies will make naval and commercial vessels at the facility. The company’s naval drone helped rescue the crew of a downed Apache helicopter last month.

President Trump announced a 20 percent fee on cargo shipped through the Strait of Hormuz. Iran said it had attacked two tankers transiting the waterway as the battle to control it intensified.

The potential expense of a 20 percent charge to move oil and other goods through the strait has stirred concern among shippers.

Companies desperately want to get their ships moving through the Strait of Hormuz, but face mounting risks. “Things are becoming uglier by the minute,” one executive said.

The attacks came after traffic through the Strait of Hormuz had reached the highest levels since the start of the U.S. war in Iran.

The new warning complicated efforts to revive use of the critical waterway as Washington sought regional support for its framework peace agreement with Iran.

Increased stockpiles, more pipelines and other tactics could loosen the waterway’s stranglehold on the global economy.