Today’s Top Stories: Oil Hits $100, Apple Foldable iPhone Launches, and Markets Face Inflation Pressure
TLDR
- Brent crude surged above $106 and WTI topped $101, raising fears of prolonged high interest rates
- U.S. Producer Price Index rose 0.4% in August and 5.4% year over year, keeping Fed rate hike talks alive
- Apple launched the iPhone Duo, its first foldable phone, priced at $1,999
- TSMC reported 53% year-over-year revenue growth to $16.3 billion, yet its shares fell around 2%
- AeroVironment jumped 7% after posting record quarterly revenue of $480.5 million
Oil prices crossed a key threshold Thursday, with Brent crude climbing more than 5% to around $106.60 a barrel. West Texas Intermediate also rose above $101.
The spike was driven by attacks on tankers and reduced traffic through the Strait of Hormuz. Houthi activity in the Red Sea added to supply concerns. Brent has now risen more than 30% from its early-August lows.
Inflation Keeps a September Fed Hike in Play
Higher oil prices feed directly into inflation. The U.S. Producer Price Index rose 0.4% in August and 5.4% from a year earlier, with energy prices jumping 4.2% in the month alone.
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