Chevron: Oil prices face upside risk from Strait of Hormuz situation
U.S. energy company Chevron said oil prices face upside risk due to the situation in the Strait of Hormuz. The statement did not provide a specific timeline or magnitude.
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Sep 11
Russia's Central Bank to Inject Capital into State Reinsurer Amid Rising Drone Attack Claims
Central Bank Governor Elvira Nabiullina said the bank will inject capital into the state-owned reinsurance company to address increased insurance payouts caused by drone attacks. The move aims to ease claims pressure; no specific amount was disclosed.
Op-ed: Trump 'bold, brave, and right' on Iran war
A Reason Magazine op-ed argues President Trump defied most advisors including VP Vance on the Iran war, with support from former Secretary Rice. It calls Iran a mortal enemy since 1979 and warns a nuclear-armed Iran could attack the US and Israel.
Brent crude tops $100, US diesel hits record high
Brent crude, the global benchmark, settled at $101.21 per barrel on Sept. 9, the first time above $100 since July, up 3.4% on the day and 66% year-to-date. The U.S. national average diesel price hit an all-time high of $5.924 per gallon on the same day, up 66.6% for the year. The surge is driven by escalating military conflicts in the Middle East, including U.S. strikes on Iran's Kharg Island oil port and Iranian missile attacks on U.S. forces in Jordan.
Ukrainian firms race to build faster interceptor drones to counter Russian jet-powered UAVs
General Cherry is developing a kinetic booster version of its Bullet interceptor targeting 450 km/h, with a planned release in fall 2026. Grim Tech is working on a jet-powered interceptor with a top speed of 500-700 km/h, targeting an October 2026 presentation.
IEA: Middle East delays oil supply recovery, global supply gap to be larger than expected this year
The International Energy Agency (IEA) said in its September monthly report that the lack of progress in ending the Iran war has delayed the normalization of Middle East oil flows to 2027, driving fuel prices higher. The IEA raised its forecast for this year's global oil supply-demand gap and cut its 2026 Russian oil output forecast by 125,000 bpd to 8.7 million bpd.
U.S. diesel price tops $6 per gallon for first time, a record high
The average U.S. diesel price has surpassed $6 per gallon for the first time, according to GasBuddy, marking a record high. CNBC reports that the wars in Ukraine and Iran are rippling through the economy via higher energy costs.
Canada slaps retaliatory tariffs on US, targeting Trump's midterm battleground states
Canadian Industry Minister Mélanie Joly stated the tariffs are strategic political pressure on vulnerable Republicans. A CNN poll shows nearly two-thirds of voters in Maine and Michigan view the trade war negatively.
South Korea unveils record KRW 73.28 trillion defense budget amid North Korea threats and Trump alliance doubts
The budget, up 8.2% from last year, focuses on strengthening self-defense capabilities, with funding for the KF-21 fighter nearly tripling to KRW 3.3 trillion, and prepares for the transfer of wartime operational control from the US by 2029.
Brent crude tops $100, US 10-year yield nears 5% as Iran tensions escalate
Hopes for a quick resolution to the US-Iran conflict have faded, pushing Brent crude oil above $100 per barrel for the first time since July, closing up 6% at nearly $108 on Thursday. Surging energy prices have lifted inflation expectations, driving the US 10-year Treasury yield above 4.9%, approaching 5%. Markets await today's US CPI data and next week's Fed meeting, with pricing implying a greater than 65% probability of a 25-basis-point rate hike.
Anthropic: Yemeni group used its Claude AI to develop missile and rocket systems
In its latest AI abuse report, Anthropic said unidentified actors used Claude to assist in developing guidance, navigation and control software for three weapons programs, including a ballistic missile with a range exceeding 2,000 kilometers.
WTI and Brent Crude Break $100 as Middle East Fighting Escalates
Rystad Energy reports daily crude outflows from the Persian Gulf fell to below 2 million barrels, down from 8-9 million in late August. Kpler says no very large crude carriers have exited the Strait of Hormuz since September 2.
Trump: AI won't cause extinction, predicts Republican midterm win
Trump said the war with Iran will not continue until the end of his term, reiterated U.S. control of the Strait of Hormuz now calling it 'Trump Strait,' and claimed the U.S. has taken over Venezuela's 65 billion barrels of oil reserves.
