P.M. Edition for July 13. The standoff over the Strait of Hormuz heats up: President Trump says he is <a href="https://www.wsj.com/world/middle-east/u-s-strikes-new-targets-after-iran-rejects-demand-to-open-hormuz-b1f167d0?mod=WSJ_WNPOD">reinstating the U.S. blockade</a> of Iranian shipping through the crucial waterway, sending oil prices soaring. Plus, a coalition of a dozen states is <a href="https://www.wsj.com/business/media/paramount-warner-merger-california-0b46fb98?mod=WSJ_WNPOD">suing to block the merger</a> between Paramount and Warner Bros Discovery, the strongest legal challenge yet to the $81 billion acquisition. And Kathryn Ruemmler had said she would step down as Goldman Sachs’s top lawyer at the end of June after her long relationship with Jeffrey Epstein came under scrutiny. But instead <a href="https://www.wsj.com/finance/kathryn-ruemmler-digs-in-at-goldman-complicating-search-for-next-general-counsel-e9e37afc?mod=WSJ_WNPOD">she’s staying on</a>, complicating efforts to find her successor. WSJ lead financial reporter <a href="https://www.wsj.com/news/author/annamaria-andriotis?mod=WSJ_WNPOD">AnnaMaria Andriotis</a> discusses what’s going on inside the bank ahead of Ruemmler’s testimony in front of Congress on Wednesday. Alex Ossola hosts.

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