Brent crude futures surpass $100 a barrel for the first time since July as Iran war escalates
Brent crude futures rose above the $100 a barrel mark on Wednesday for the first time since July. The price increase follows an escalation in the Iran war, during which U.S. Central Command reported destroying five Iranian oil tankers. While Iran's Islamic Revolutionary Guard Corps claimed to have struck two American ships in retaliation, the U.S. Central Command denied these claims, stating that no U.S. Navy warship was struck and all attempted attacks failed. Market activity was mixed. The Dow Jones Industrial Average and S&P 500 ended the session lower, while the Nasdaq Composite led the decline. Investors are monitoring upcoming inflation reports from the Bureau of Labor Statistics. Economists expect inflation to have moderated in August, with the year-over-year inflation rate likely to slow to 3.3% from 3.4%. In economic news, the Department of the Treasury announced it will triple its upcoming debt buyback plan to $6 billion. Despite this announcement, long-term yields reached multi-year highs. Additionally, the administration announced new import restrictions on certain Canadian products, including motorbikes and alcoholic beverages, set to take effect on September 29.
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Brent hits $100, Apple's big launch, Trump's energy investments and more in Morning Squawk
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World in Brief: Treasury yields jump; Brent crude tops $100 a barrel
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Dow Jones Futures Rise After Oil Prices, Yields Hit Stocks; Inflation Data Due.
Investor's Business Daily
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