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Here's your morning brief for Thursday, March 12th.

I'm Daniel Bach for The Wall Street Journal.

The crisis around the Strait of Hormuz continues to escalate, with the price of oil briefly reaching $100 a barrel overnight.

Yesterday, Iran attacked three cargo ships in the waterway, and port officials in Iraq said overnight that two further oil vessels were on fire in Iraqi waters after being hit by projectiles.

At the same time, Iranian media reports that Houthi rebels in Yemen could join the fight against the U.S.

and its allies and could force the closure of a narrow passage at the southern tip of the Arabian Peninsula, a major chokepoint which allows ships to access the Suez Canal via the Red Sea.

The Trump administration has announced investigations aimed at levying new tariffs to replace the duties the Supreme Court deemed illegal.

One probe targets industrial overcapacity from export-reliant countries, while the other probe is expected to investigate forced labor regulations.

The investigations are being initiated under Section 301 of the Trade Act, which allows the president to levy tariffs against nations that discriminate against U.S.

companies or commerce.

Meanwhile, Costco is being sued by a shopper seeking refunds for price hikes linked to the now-unlawful tariffs.

While a company spokesperson declined to comment on the suit, its CEO has previously signaled that any refunds the company receives would be passed to members through lower prices in the future rather than direct payments.

Asian stock markets ended the day mostly lower, European stocks are following suit, and U.S.

stock futures are also lower ahead of earnings from Dollar General and Adobe.

And we have a lot more coverage of the day's news on the WSJ's What's News podcast.

You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.