The Tech Making ‘Dark-Fleet’ Tankers Into Ticking Time Bombs

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The Supreme Court says Congress can't ban drug users from owning guns. Plus, the technology that helps tankers move sanctioned oil around the world also makes them ticking time bombs.

Shelby Holliday (0:45)

These ships are massive oil tankers carrying millions of barrels of volatile crude oil.

And so what scares authorities is that they could explode or they could cause massive oil spills. That would be a problem for the rest of the world.

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And there's a new legal fight over perps, popular derivatives that trade 24-7 and never expire. It's Thursday, June 18 I'm Alex Ossola for the Wall Street Journal. This is the PM Edition of What's News, the top headlines and business stories that move the world today.

We start today's show at NATO headquarters in Brussels, where Defense Secretary Pete Hegseth was turning up the pressure on European members of the Alliance. The Trump administration has pushed Europeans to boost their military budgets, and they've agreed to spend 5% of their GDP on defense. Hegseth today threatened to cut how much the US gives to NATO if European countries don't meet their commitments.

Pete Hegseth (1:39)

Our annual NATO dues will be contingent on other countries meeting their defense spending targets. Where other allies do not spend with urgency, our dues' contributions will go down.

NATO will be a two-way street.

Alex Ossola (1:57)

The US currently contributes about 15% of NATO's annual budget, down from 22% a decade ago. NATO Secretary General Mark Rutte said in a press conference after the meeting that Hegseth was right to call for Europeans to take more responsibility.

Mark Rutte (2:11)

You will still find allies holding back a little bit, needing to do more. And I think what he tried to do today is to keep the pressure on. And I think that's good.

Alex Ossola (2:19)

Hegseth also today announced a review of the US military presence in Europe. The Pentagon recently announced cutbacks to its troop presence there. That's upset US lawmakers, including Republicans, who have long supported the NATO alliance.

And in Washington, Vice President JD. Vance defended the Iran peace deal, which President Trump signed last night. Speaking at a White House press briefing today, Vance said it wouldn't matter if Tehran didn't honor its commitments because the US had already won. But is what the deal promised, including a reopening of the Strait of Hormuz, already happening? US. Central Command, which oversees US forces in the Middle East, confirmed today that a blockade on Iranian ports had been lifted. Vance said Tehran hadn't fired on commercial vessels for two days in a row.

He said ships carrying more than 12 million barrels of oil have passed through the Strait over the past 24 hours.

JD Vance (3:07)

As they dial up their good behavior, we can dial up the economic relief. If they dial down their good behavior, we can turn it off.

Alex Ossola (3:14)

As you heard on this morning's show, many in Israel are unhappy with the Iran deal. Vance today warned Israeli government officials from criticizing Trump over the agreement.

JD Vance (3:23)

Donald J. Trump is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time. And he happens to be the head of state of the world's superpower. If I was in the cabinet of the Israeli government, I might not be attacking the only powerful ally that I have anywhere left in the entire world.

Alex Ossola (3:45)

Trump has designated Vance to lead the next steps of negotiating with Iran over its nuclear program.

The reopening of the Strait of Hormuz would relieve stress on global oil markets. Analysts say it could also mean that dozens of dilapidated old tankers that move sanctioned oil around the world will resume their trade, making the problem of the Dark Fleet worse. The Dark Fleet helps fund the Iranian and Russian governments, but the ships themselves are also dangerous. They carry digital tools that hackers can exploit, and US security officials worry about the risk of explosions or oil spills. For more, I'm joined now by WSJ Senior Video and National Security Reporter Shelby Holliday.