Oil Surges Past $100 on Tanker Attacks; Apple to Unveil Foldable Phone

Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher. The conflict has disrupted flows through the crucial Strait of Hormuz chokepoint, although millions of barrels a day continue to cross the waterway — mostly on tankers with their signals turned off. The continued disruption means inventories have continued to decline across the globe, with analytics firm Vortexa seeing the amount of oil on ships at sea down by more than 150 million barrels since the middle of July. 2) Apple's $570 billion summer surge is saddling new Chief Executive Officer John Ternus with high expectations heading into the company’s most anticipated event in years: the unveiling of the foldable iPhone on Wednesday. Apple's stock has rallied 15% since June 25, driven by excitement about the new lineup of devices, particularly the foldable phone. The company's revenue is expected to rise 15% in fiscal 2026, which would be the fastest pace of growth since 2021. Apple's ability to protect profitability is critical for a stock that has grown increasingly expensive, with a valuation well above its 10-year average multiple and the S&P 500. 3) Representative Chris Pappas won the Democratic primary for a New Hampshire Senate seat, setting up a November showdown with former Republican Senator John Sununu. The seat is a must-win for Democrats in a state that hasn’t elected a Republican senator in 16 years, with a loss complicating the party’s chances of securing a Senate majority. Pappas defeated medical scientist Karishma Manzur, earning roughly 60% support, while Sununu defeated Scott Brown, leading with almost 70% of the vote. See omnystudio.com/listener for privacy information.