The cost of shipping and flying freight is becoming increasingly dependent on the price of Gulf Coast oil. U.S. crude exports are playing a greater role than ever in shaping global oil prices, writes the WSJ’s David Uberti. The development follows a decade-long growth in domestic production as well as Western sanctions on Russian energy following the Kremlin’s invasion of Ukraine that has made Europe more reliant on U.S. crude. The Gulf Coast’s ascendency will be reflected in the June addition of West Texas Intermediate crude to the Brent global oil benchmark. For years, five types of crude produced in a region between the U.K. and Norway have traded into the Brent complex, long viewed as a bellwether for international prices. But the North Sea region’s production is tapering while U.S. exports aboard tankers sailing from Houston and Corpus Christi, Texas, are continuing to grow.

• The International Energy Agency forecast the world will burn more oil than ever this year as China emerges from Covid-19 lockdowns. (WSJ)

The U.S. and Europe are hoping to use critical minerals to patch up a rift over EV subsidies while reducing reliance on China. The two sides are looking to form a group that would cooperate on procuring minerals used in clean-energy technologies such as electric-vehicle batteries, the WSJ's Andrew Duehren reports. Washington and Brussels have been at odds over last year’s Inflation Reduction Act, which required that a significant share of minerals in a vehicle’s battery must come from the U.S. or a country with a free-trade agreement with the U.S. to be eligible for subsidies. The EU doesn’t have such a deal. Under the plan for the critical-minerals club, the U.S. would negotiate trade agreements with allies including Japan and the EU, according to people familiar with the plan. The allies could then pursue additional deals with countries such as Ukraine and Zambia to secure supplies of clean-energy raw materials, the people said. A European official said such outreach could help Western countries compete with China and Russia for influence in Africa, while drawing Ukraine closer to the EU.

U.S. retail sales jumped 3% in January, adding to signs economic growth picked up at the start of the year. (WSJ)

Tesla will open part of its proprietary Supercharger network to other kinds of vehicles for the first time. (WSJ)

Ford Motor executives laid out in greater detail how far the U.S. auto maker has slipped behind competitors on costs. (WSJ)

Berkshire Hathaway sold billions of dollars worth of shares in Taiwan Semiconductor Manufacturing months after taking a stake in the company. (WSJ)

Kraft Heinz swung to a profit in the fourth quarter as the food giant offset inflationary pressures with higher prices. (WSJ)

China slapped fresh sanctions on the U.S.’s two largest defense contractors as tensions between the countries continued to escalate following the shooting down of a Chinese balloon. The Chinese Commerce Ministry said it blacklisted Lockheed Martin and an arm of Raytheon Technologies over the companies’ arms sales to Taiwan. (WSJ)

A Chinese state-backed trade group warns that tightening U.S. restrictions on chip technology pose a threat to free trade. (South China Morning Post)

Chinese chip-makers are delaying expansion plans because of U.S. export bans on chip technology. (Nikkei Asia)

The European Union is planning on cutting emissions from trucks by 90% within two decades. (Bloomberg)

Schneider CEO Mark Rourke says dray trucks will lead the trucking industry’s transition to electric vehicles. (CNBC)

Puma has joined a group of industry leaders that aims to reduce carbon emissions from the supply chain. (Just Style)

Fort Lee, N.J., was named the worst trucking bottleneck in the country for the fifth year in a row. (Transport Dive)

Forwarders are calling on the Transportation Security Administration to amend a cargo screening program that expires in October. (Air Cargo Next)

Mediterranean Shipping has signed a deal with DB Schenker to reduce carbon emissions by using second-generation biofuels. (Splash 247)

Container ship owner Danaos sees difficult times ahead as net income declined 8% in the fourth quarter. (Lloyd’s List)

The ocean container leasing market is cooling. (Journal of Commerce)

A drifting naval mine exploded close to a beach on Georgia’s Black Sea coast. (Yahoo News)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.