Crypto News: Oil rising again

Good morning. Oil prices edge higher as attacks continue throughout the Middle East. Canada’s retaliatory tariffs on the US take effect. And we have bad news for the Champagne lovers out there. Listen to the day’s top stories.

— Tiago Ramos Alfaro and Harry Black

Market Snapshot
Brent crude oil futures	$98.62	+1.7%
WTI crude oil futures	$93.97	+2.7%
Spot gold	$4,398.48	-0.1%
Nasdaq 100 futures	29,590.50	+0.1%
Market data as of 06:56 AM ET. Data is subject to provider delays.	Your watchlist

Brent crude moved toward $100 a barrel as traders watched for details of an Iranian deal with Oman over the Strait of Hormuz, which may tighten Tehran’s control over the crucial waterway. Saudi Arabia said operations at several energy facilities in the kingdom’s south were halted after attacks, the latest escalation in the region. Global financial markets, already under strain from a bond selloff and sharp currency swings, face the risk of more volatility in the months ahead driven by the prospect of interest-rate hikes, mounting concerns over fiscal deficits and the war in the Middle East.

Canada imposed tariffs of between 15% and 50% on hundreds of US products, as Prime Minister Mark Carney bets that standing up to Donald Trump will eventually help Ottawa’s negotiating position with its biggest trading partner. The measure will hit US exporters particularly hard in states such as Michigan and Ohio that do a lot of business with Canada and host tight races in November’s midterm elections. The US president threatened to bar the sale of Bombardier jets in the US.

UK’s Burnham Risks Trump Anger With New Sanctions on Israel

In New Hampshire, the GOP is banking on John Sununu, a former senator whose father and brother served as governor, as polls show a tightening contest with Democratic Rep. Chris Pappas. Both still need to win their respective primaries scheduled for today. Last year, Jeanne Shaheen announced she was not seeking reelection, complicating the party’s efforts to reclaim the Senate majority. The stakes are high for the Democrats, who see parallels to 2006 when they swept to power, aided by the backlash to the Iraq War.

Claude gets cold feet. Anthropic decided against acquiring artificial intelligence startup Decart AI, people familiar with the matter said. Anthropic had been exploring a deal for about $6 billion, and performed due diligence on Decart before ultimately walking away. The Claude chatbot maker, which rarely makes large acquisitions, has been seeking to raise as much as SpaceX or more in its initial public offering, people familiar also said.

More AI: ASML has won commitments from top chipmakers to use its latest semiconductor production gear, while embarking on a broader agreement to meet surging demand as the world scrambles to remake supply chains. Europe’s main AI bet Mistral raised €3 billion at a valuation of more than €21 billion from investors led by Samsung to fund the development of its models.

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Deep Dive: The Yen Again

The yen’s sharp rise is gathering momentum and the speed of the move is raising the stakes for investors well beyond Japan.

The yen is nearing its strongest level of 2026 after breaking through 155 per dollar, triggering stop-losses and fueling a faster rally. Traders are now watching the 152 area, with BOJ rate-hike expectations supporting the currency.
Japan says its currency stance hasn’t changed since its record intervention alongside the US. Finance Minister Satsuki Katayama said Tokyo remains focused on orderly currency markets and will stay in close contact with Treasury Secretary Scott Bessent.
The bigger issue is what happens if the move keeps accelerating. A stronger yen can force investors to unwind carry trades, while Japan’s use of Treasury sales to fund intervention risks potentially pushing US borrowing costs higher — read our explainer.
That also feeds broader concerns behind Wall Street’s “debasement trade” and demand for gold and Bitcoin.

The Big Take

It’s a golden age for giant hedge funds at the moment and Izzy Englander’s firm has reaped some of the biggest rewards. Millennium has posted double-digit returns almost every year since inception and assets have hit $97 billion, people familiar said.

The Big Take Podcast

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Opinion

A woman walks past a wall mural of Iran’s slain supreme leader Ayatollah Ali Khamenei, in Tehran on Aug. 31.

When Donald Trump authorized surprise strikes that killed then-Supreme Leader Ali Khamenei in February, preventing Iran from developing a nuclear weapon was a key objective. Since then, that aim has been drowned out by the more immediate need to reopen Hormuz, Marc Champion writes.

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Before You Go

Champagne output is set to almost halve this year, as extreme weather and scorching temperatures batter yields. President Emmanuel Macron says the country is facing an “agricultural war,” with the food industry grappling with existential challenges, from climate change to trade wars.

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