Luke Vargas

Joe, what can policymakers, if anything, do to try to contain some of the price shock here?

And the US is a net energy exporter.

I've been speaking to Wall Street Journal reporter Joe Wallace.

Joe, thank you so much.

Thanks, Luke.

Meanwhile, Iran has a new supreme leader.

The country's assembly of experts has appointed Moshtaba Khamenei to succeed his late father, Ayatollah Ali Khamenei, an announcement that sparked celebrations on the streets of Tehran.

Security correspondent Benoit Faucon says the lifetime appointment signals Tehran's defiance of President Trump and Israel, which on Saturday said a new supreme leader would be subject to fresh strikes.

And while the appointment provides continuity for the regime for now, Benoit said its longer-term prospects are uncertain.

Coming up, we've got the rest of the day's news, including how the Trump family is getting into the drone business and a look at what's got VW dealers up in arms.

Those stories and more after the break.

We're exclusively reporting that President Trump's sons, Eric and Donald Jr., are backing Power Us, a new drone manufacturer aiming to supply the Pentagon following a ban on Chinese drones.

Through a reverse merger with a golf course holding company backed by the Trumps, the Florida-based drone company plans to debut on the Nasdaq in the coming months.

Power Us CEO Andrew Fox says the move will provide the capital needed to scale production to 10,000 drones a month and that the drone market, quote, is certainly going to grow faster than, say, golf courses are.

Meanwhile, activist investor Starboard Value has built a sizable stake in French fry maker Lamb Weston and is planning to push for changes to boost the Idaho company's underperforming stock.

Lamb Weston is the largest producer of French fries in North America and the second biggest globally, with customers including McDonald's and Chick-fil-A.

And finally, for generations, buying a car meant a trip to your local dealership.

That model began to crack, though, when Tesla started selling direct, followed by electric newcomers Rivian and Lucid.

And now Volkswagen, one of the world's largest automakers, wants to cut out the middleman, too, by selling its built-in-America trucks and SUVs direct-to-consumer under its brand Scout Motors, which has plans to build 100 company-owned showrooms and service centers nationwide.

However, Journal Auto's reporter Christopher Ott says that VW dealerships are fighting to prevent that.