President Trump warned Iran against collecting tolls from ships traveling through the Strait of Hormuz, after an Iranian lawmaker earlier said Tehran was charging some ships $2 million to transit the strategic waterway.

Only eight ships carrying cargo to Iran crossed the strait on Thursday, well below the usual roughly 135 daily transits. A tollbooth in Hormuz would violate international law and mark another step toward the fragmentation of global trade, analysts said. Governments around the world are pushing back on Iran’s plans, and NATO’s secretary general is pushing U.S. allies in Europe to commit to a mission to secure the strait, following a meeting with President Trump.

But Trump has also referred to a potential tolling joint venture with Iran as a “beautiful thing” that could change global rules if it helps secure a long-term peace deal. And even though Tehran’s closure of the strait is squeezing consumers and businesses, the costs of a new toll system would fall heavily on Persian Gulf states, economists say. This suggests the U.S. and other world powers might have few economic incentives to oppose it, the WSJ’s Tom Fairless writes.

• Global economic growth will slow more than expected because of the Iran war, even if the truce proves lasting, the IMF's managing director said. (WSJ)

Amazon is focused on expanding rural delivery, and investing heavily in robotics and generative AI, CEO Andy Jassy wrote in his annual letter to shareholders. He said the company plans about $200 billion in capital spending this year, mostly on AI infrastructure, the Journal’s Gareth Vipers writes.

In the 5,000-word letter, Jassy described Amazon Leo, the company’s low-Earth-orbit satellite network scheduled to launch later this year, as a long-term bet to expand global connectivity. Robotics is a key driver of efficiency in Amazon’s operations, particularly its fulfillment network, he said.

Same-day delivery would continue to be a focus, with Prime Air, Amazon’s drone delivery service, being a priority for the next 12 months. Over the past year, the company has rolled out Amazon Now—a delivery service for thousands of items within 20 minutes—in India and the U.A.E., he said, adding the service would soon be expanded to the U.S. and Europe.

• Target is expanding its Last Mile Delivery Direct service, with drivers from its Shipt unit bringing next-day deliveries to customers from more than 100 stores in 50 markets by the end of 2026. (SupplyChainDive)

Since 2012, Delta Air Lines has owned a Pennsylvania oil refinery. Over the years, the investment has looked like either a stroke of genius or a boondoggle, depending on the price of oil, the WSJ’s Alison Sider writes.

But since the U.S. and Israel began carrying out strikes on Iran, leaving airlines facing billions of dollars of pain at the fuel pump, the refinery is set to pay off again for Delta. Jet-fuel prices roughly doubled since late February, and could remain high for some because of tight supplies and uncertainty about whether the cease-fire will hold.

Delta expects its fuel bill to balloon by $2 billion in the second quarter. This week it joined peers in boosting bag fees, and said it planned to trim flight schedules. But with its refinery, Delta has an asset it says can help it offset some of the recent surge in fuel prices.

• The Fed’s preferred inflation metric—the personal-consumption expenditures price index—rose 0.4% in February, up from a 0.3% increase in January, the Commerce Department reported. (WSJ)
• The Commerce Department revised down its fourth-quarter 2025 GDP-growth figure to a 0.5% annualized pace, from a previous estimate of 0.7%. (WSJ)
• U.S. jobless claims rose to 219,000 in the week through April 4, the highest level since February, the Labor Department said. (WSJ)
• German industrial production unexpectedly fell 0.3% in February from January, with the energy-price shock from the Iran war expected to hamper output. (WSJ)
• The U.S. Postal Service plans to raise the price of a First-Class Mail Forever stamp about 5% to 82 cents starting July 12, up from 78 cents, as the agency tries to navigate a financial crisis. (WSJ)
• Volkswagen will stop producing the ID.4 electric crossover at its Tennessee assembly plant. (WSJ)
• Three former First Brands Group executives asked a bankruptcy court to dismiss a fraud lawsuit, claiming founder Patrick James acted alone. (WSJ)
• Supply-chain software provider project44 said in a news release that it acquired AI-based logistics-automation company LunaPath.ai for an undisclosed, all-cash sum.
• Candela, a Swedish developer of hydrofoiling electric boats, received an order for 20 P-12 ferries from Norwegian transport operator Boreal. (WSJ)
• Samsung Electronics plans to spend $4 billion to build a chip-packaging plant in Vietnam’s Thai Nguyen province. (Bloomberg)
• NOAA said El Niño conditions were likely to emerge sometime between May and July and persist through 2026, raising the possibility of droughts that could affect Panama Canal water levels and transits. (gCaptain)
• Orders of North American Class 8 heavy-duty trucks more than doubled in March from a year earlier to 37,200, ACT Research data show. (Transport Topics)
• Trailers containing Lego products worth $1 million were recovered in California after they were stolen en route from Texas, investigators said. Three suspects were arrested. (ABC7)

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.