At least a half dozen ships were diverted on the way to the Strait of Hormuz, with some going off course after their navigation systems were jammed during military operations in Iran.

The diversions came as Iranian lawmakers reportedly threatened the closure of the crucial waterway, and before President Trump announced a cease-fire Monday evening, which both Israel and Iran later accused the other of breaking. Earlier Monday, Iran launched missiles at a U.S. base in Qatar, with no casualties. The WSJ’s Costas Paris reports that two Chinese-operated very large crude carriers–which can carry up to 2 million barrels of oil–had their navigation systems disrupted as they tried to enter the strait. One of the vessels and two others U-turned again and headed back into the waterway that connects the energy-rich Persian Gulf to global markets. The Chinese owner of one of the tankers is probing the incident in the strait that handles about a quarter of the world’s oil trade.

Beijing called on the international community to maintain stability in the critical shipping lanes of the Persian Gulf, and said it was in touch with Iran about the ongoing conflict.

• WSJ VIDEO: The U.S. has urged China, Iran’s biggest oil customer, to stop Tehran from closing the vital Strait of Hormuz. But Beijing may not have that pull, the WSJ’s Austin Ramzy reports.

• Iran warned Qatar prior to Monday’s attack on a U.S. military base there, and the U.S. government was also aware of the attack in advance, with the base being evacuated before the attack. (WSJ)
• Qatar, a major transit hub, temporarily closed its airspace, an act that could ripple across global flight and cargo schedules. (WSJ)
• Abdulaziz bin Turki Al Saud, a Saudi prince, launched a new bunkering company called Eleven Energy. (Splash 247)

Ford Motor and other carmakers are struggling to get vital magnets made with rare-earth elements, despite the U.S.’s deal with China to ease export controls. The shortage situation isn’t as dire as in May, when Ford stopped production at a Chicago-area factory, the Journal’s Christpher Otts writes. However, a Ford executive said during a briefing at an EV-battery plant under construction in Michigan that it still has to “move things around” to avoid additional shutdowns. Rare earths are essential to EVs because they allow a low-cost way to ensure motors can operate at high speed. In April, China began requiring companies to apply for permission to export the rare-earth magnets, then slow-walked approvals, leaving automakers struggling for supplies. This led the U.S. to accuse Beijing of undermining a May trade truce, and was a focus of a second round of talks in London, where Chinese officials agreed to ease exports. 

The biggest U.S. private landowner is making a half-billion-dollar bet on small, crooked trees littering the nation’s pine belt after the closure of many pulp and paper mills. Weyerhaeuser has broken ground on a plant in Arkansas to produce TimberStrand, a laminated strand lumber made by pressing together and gluing thin slices of wood, the WSJ’s Ryan Dezember writes. The Seattle company and others currently make laminated strand lumber with low-value hardwood, such as aspen or birch, but Weyerhaeuser has figured out how to use Southern yellow pine. The company expects the Arkansas plant to sell out of its 10 million cubic feet of annual production once it opens in 2027, generating Ebitda of about $100 million a year. And that isn’t including any boost in pulpwood prices, which have plunged since the digital age smothered paper demand.

• Sales of existing homes rose 0.8% in May, still near historically low levels, the latest sign that buyers are staying away because of high home prices. (WSJ)
• KB Home again cut its outlook for the year and lowered the top end of its expected selling price as the homebuilder posted lower quarterly profit and sales for its fiscal second quarter. (WSJ)

Business activity in the U.S., Europe and some large economies in Asia continued to grow this month despite continued uncertainty about global trade policy, surveys of purchasing managers showed. (WSJ)

Canada will pursue new strategic economic agreements with allies regardless of the outcome of talks with the U.S. to resolve trade issues, the nation’s prime minister said. (WSJ)

Amrize, the Chicago-based spinoff of Swiss building-materials company Holcim, debuted as a public company Monday with a 1.2% gain on the NYSE. (WSJ)

Jeep-maker Stellantis said it was shuffling its top ranks, the first moves by CEO Antonio Filosa as he starts work in his new role. (WSJ)

China’s Alibaba is integrating its Ele.me food-delivery unit and Fliggy online-travel services into its core e-commerce unit, streamlining operations in the face of ever fiercer competition. (WSJ)

Dutch tech investor Prosus, the biggest shareholder in China’s Tencent Holdings, posted higher revenue and earnings on growing profitability from e-commerce operations and AI investments. (WSJ)

Former president and chief executive Jeffrey Ettinger is returning to Hormel Foods to serve as its interim CEO for 15 months, effective July 14. (WSJ)

German car-parts company Continental is forming a partnership with GlobalFoundries to be called Advanced Electronics and Semiconductor Solutions, or AESS, to design chips for vehicles. (WSJ)

New York Gov. Kathy Hochul directed the state’s public utility to add at least 1 gigawatt of new nuclear-power generation, the first major new U.S. plant undertaken in more than 15 years. (WSJ)

Wolfspeed, which makes silicon carbide wafers and semiconductor components primarily in the U.S., signed a deal with creditors to cut about $4.6 billion in debt through a bankruptcy filing. (WSJ)

Food-distribution company SpartanNash agreed to be acquired by C&S Wholesale Grocers in a deal valued around $1.77 billion, including debt. (WSJ)

South Korea’s HD Hyundai will partner with Louisiana shipbuilder Edison Chouest Offshore to construct liquefied natural gas duel-fuel containerships in the U.S. (gCaptain)

Indiana’s port authority picked agricultural-commodity trading giant Louis Dreyfus to operate the Burns Harbor grain-export facility on Lake Michigan. (American Journal of Transportation)

Canadian Pacific Kansas City told U.S. regulators a transition from legacy computer systems disrupted service since early May, and outlined how it would restore service to normal within a month. (Journal of Commerce)

The price of drone components from China has tripled or more since Beijing tightened restrictions on exports last year, trade data show. (Nikkei Asia)

The U.S. Department of Transportation will implement a rule requiring truck drivers to submit digital medical certification data as part of their commercial driver licensing process. (DC Velocity)

Shell-led LNG Canada started production at a new export terminal in British Columbia, the first Canadian LNG produced for export. (Marine Insight)

Mark R. Long is editor of WSJ Logistics Report. Reach him at mark.long@wsj.com. Follow the WSJ Logistics Report team on LinkedIn: Mark R. Long, Liz Young and Paul Berger.