Crypto News: Oil tops $100

Good morning. Oil surges as US-Iran tensions escalate. Apple faces high expectations for its foldable iPhone. And Ben Shelton stuns Carlos Alcaraz at the US Open. Listen to the day’s top stories.

— Marc Perrier and Harry Black

Market Snapshot
S&P 500 Futures	7,653.50	-0.4%
Nasdaq 100 Futures	29,394.25	-0.5%
Bloomberg Dollar Spot Index	1,186.63	-0.1%
WTI Crude Oil Futures	$95.09	+2.2%
Market data as of 07:00 AM ET. Data is subject to provider delays.	Your watchlist

Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese buying propelled the global crude benchmark higher. The US destroyed five Iranian tankers after Iran tried to strike a US Navy warship with ballistic missiles overnight.

The US escalated its trade war with Canada following Ottawa’s tariff retaliation, moving to block imports of some products while slapping new tariffs on others. Donald Trump said he would also seek to bar Canadian companies from selling to government contractors. Check out this explainer on the dispute between the neighbors.

Rep. Chris Pappas fended off a progressive challenge to win New Hampshire’s Democratic Senate primary, AP and NBC projected, setting up a November showdown with former Republican Sen. John Sununu. The seat is a must-win for Democrats in a state that hasn’t elected a Republican senator in 16 years. Meanwhile, Trump’s midterm strategy takes center stage at the Republican convention in Dallas this week.

Next Target of Trump’s Deportation Campaign: 170,000 Salvadoran Immigrants

LIV Golf filed for bankruptcy, a dramatic fall for the Saudi-backed league that had big ambitions to challenge the supremacy of the PGA Tour. Saudi Arabia’s Public Investment Fund, its main benefactor that earlier this year pulled its financing, agreed to provide $49.6 million in debtor-in-possession financing.

The Amazon cargo plane that crashed at Miami International Airport on Sunday increased thrust seconds before overrunning the runway and careering into two vehicles, the US National Transportation Safety Board said. The plane’s brakes were applied shortly after touchdown, but the throttles were subsequently increased “to values consistent with go-around thrust,” according to the NTSB investigator-in-charge of the accident.

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Deep Dive: Fold Play

Apple’s Chief Executive Officer, John Ternus, faces high expectations heading into its most anticipated event in years: the unveiling of its foldable iPhone.

The company’s $570 billion summer stock surge has been driven by excitement over its new devices, particularly the foldable phone.
Apple is still considered an AI laggard. But for now, the stock’s fortunes will hinge on its new iPhones, its ability to navigate soaring memory costs and the performance of Ternus, who took over from Tim Cook on Sept. 1.
Don’t expect an instant market boost, though. Apple investors are famously hard to impress on iPhone launch days.
Beyond the $2,000 foldable iPhone Duo, here’s what to watch at today’s event, which kicks off at 10 a.m. local time in Cupertino, California.

The Big Take

In a country where family businesses account for three-quarters of GDP, it’s no surprise that India’s corporate succession problem poses a real risk to some of the economy’s biggest conglomerates.

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India’s Role in the Robot Revolution

Opinion

Japanese 10,000 yen banknotes. — Yen banknotes.

The yen may finally be making a real comeback after years of weakness, John Authers writes. Unlike previous rallies, the latest move happened without fresh government intervention, suggesting the market itself is driving the recovery.

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Before You Go

Ben Shelton dethroned Carlos Alcaraz in a five-set thriller that stretched until 3:33 a.m., the latest finish in US Open history. Shelton prevailed 6-7 (5), 6-1, 6-3, 1-6, 7-6 (10-7), ending Alcaraz’s 18-match Grand Slam winning streak after 4 hours, 28 minutes.

A Couple More