US forces struck five Iranian tankers on Wednesday.
CENTCOM said the vessels were hit in the Gulf of Oman and near Kharg Island, and that crews were directed to abandon ship before the strikes.
Iran fired 20 ballistic missiles at the Al Azraq base in Jordan the same day. Jordanian air defenses intercepted 18; two landed in unpopulated areas. No casualties were reported.
Tehran also said it had hit two US warships and eight tankers near the Strait of Hormuz. Washington did not respond to the claim.
Secretary of State Marco Rubio: "Iran continues to try to hit US naval ships, and for every time they do that or try to do that, they're going to lose tankers."
Brent traded up 2.2% at $100.07 a barrel in premarket.
WTI rose 1.83% to $94.73. Brent is above $100 for the first time since late July, and the rally is now in its fourth day.
The number that matters is not the price but the flow. Rystad Energy chief economist Claudio Galimberti says volumes through Hormuz have fallen below 2 million barrels a day. Before fighting resumed on August 30, 8 to 9 million barrels a day were moving through.
Price measures escalation risk. Flow measures the barrels actually lost.
The IEA expects global supply to contract by 4.3 million barrels a day this year, roughly 4%. The transmission channel is rates. The 10-year Treasury yield rose to 4.81%, near its highest since 2023, and CME FedWatch puts the odds of a 25 basis point hike at the September 16 meeting at 58.4%. The policy rate sits at 3.50%-3.75%.
In Europe the Stoxx 600 fell 1.2%. S&P 500 futures were down 0.2% and Nasdaq 100 futures 0.4%. The yen firmed 0.3% to 153.52.
Apple holds its "Surprise and Shine" event today at 1:00 p.m. ET (8:00 p.m. in Istanbul).
The expected headline product is the first foldable iPhone, with a starting price reported at $2,099. That would make it the most expensive phone Apple has sold. The iPhone 18 Pro is expected to carry a 2-nanometer A20 Pro chip and a $150 to $200 price increase, driven by memory and storage costs.
This is new CEO John Ternus's first launch. Apple added $570B in market value over the summer, and that is where the bar is set.
Elsewhere: Google announced a €13B ($15B) investment in AI infrastructure in Finland. Qualcomm set a $15B data center revenue target for fiscal 2029. Xi Jinping and Trump are scheduled to meet in Washington on September 24, a date Beijing has not yet confirmed.
Casey's General Stores reported after the close Tuesday.
Earnings came in at $7.37 a share against a $6.88 estimate, on revenue of $5.68B. Full-year guidance was unchanged. The stock fell 7.5% after hours.
The problem was volume, not profit. Inside same-store sales growth slowed to 3.2% from 4.3%, and fuel gallons sold went from up 1.7% to down 0.3%.
There is no US macro data on the calendar today.
Nothing was released at 8:30 a.m. ET. Oil and Treasuries, not data, will set the direction.
On earnings, 35 companies report. Kroger is expected to post $1.09 a share on revenue of $35.6B. Cooper Companies ($1.13) and AeroVironment ($0.29) report after the close; SailPoint and Core & Main report premarket.
In the last session (Tuesday, September 8) the selling concentrated in the Dow.
DIA, which tracks the Dow Jones, fell 1.13%. SPY, which tracks the S&P 500, lost 0.55% and IWM, which tracks the Russell 2000, 0.45%. QQQ, which tracks the Nasdaq 100, was flat at down 0.08%.
Industrials and consumer names sensitive to rates and energy costs carry more weight in the Dow. The AI complex held the Nasdaq up.
The rest of the week points at rates. August CPI and core CPI land Friday, September 11 at 8:30 a.m. ET (3:30 p.m. in Istanbul); July ran at 3.30% headline and 2.47% core. The FOMC decision, the dot plot and the Fed chair's press conference follow on September 16.
One number matters today: the 10-year yield. Hold above 4.80% and hike pricing hardens into Friday's CPI. Come back from here and the war stays an oil story rather than a rate story.
