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U.S. Forces Strike Iranian Rocket Launchers, Sending Oil Prices Higher and Fueling Inflation Fears

U.S. forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz on Sunday. The attack occurred as the Islamic Revolutionary Guard Corps prepared to launch rockets carrying sea mines into the waterway. This action reignited fears of an escalation in the Middle East and contributed to a rise in oil prices, with Brent crude futures gaining over $1.00 per barrel. The strikes led to a decline in U.S. stock futures and increased investor concerns regarding persistent inflation. Following a hawkish speech by Federal Reserve Chairman Kevin Warsh at Jackson Hole, market participants have increased their bets that the Federal Reserve will raise interest rates by 25 basis points at its next meeting. In other news, Apple CEO Tim Cook is stepping down today, turning over the role to senior vice president of hardware engineering John Ternus. Additionally, Nvidia agreed to invest $3.5 billion in Taiwanese chipmaker MediaTek to deepen their collaboration on AI computing platforms.

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