US President Donald Trump's sweeping tariff strategy has suffered one of its biggest legal and financial setbacks after the US Supreme Court struck down key tariffs imposed under the IEEPA. The landmark ruling concluded that the law did not grant the President unilateral authority to impose broad trade tariffs using emergency powers, dealing a major blow to one of Trump's signature economic policies. Following the verdict, the Trump administration has already returned nearly $100 billion in tariff collections to importers through the US Treasury, with US CBP confirming that refunds including interest have reached a major milestone. Court filings indicate that more than half of the invalidated tariff revenue has already been reimbursed, while additional payments are expected in the coming months. WATCH

Tensions in the Red Sea have intensified after Yemen's Houthi movement claimed responsibility for a ballistic missile strike on the Saudi oil tanker Wafaa off the coast of Yanbu. According to Houthi military spokesperson Yahya Saree, multiple missiles struck the vessel with precision as part of the group's expanding maritime campaign targeting Saudi-linked shipping routes. The Houthis described the alleged attack as a continuation of their naval blockade strategy, saying it forms part of a wider effort to disrupt Saudi maritime operations in the Red Sea and Bab el-Mandeb Strait. The group claims the Wafaa is the eighth Saudi oil tanker targeted since the blockade campaign began on July 22. The Houthis further allege that 29 Saudi oil tankers have either been forced to retreat or prevented from crossing strategic waterways in the Red Sea and Arabian Sea. They claim the pressure has compelled Saudi shipping to reroute toward the northern Red Sea, altering one of the world's most critical energy corridors. WATCH