Tues., Sept. 8, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Tues., Sept. 8…regular $4.15…diesel $5.90 [record]
President Trump on Truth Social, Mon. PM:
“Oil Prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA!”
But Monday evening, the crude oil (WTI) was at $95, with Brent about $100 (the two then dropped some Tuesday) after Saudi Arabia reported attacks that halted operations at several energy facilities in the south of the kingdom. The state-run Saudi Press Agency said the strikes wounded about 70 people, while Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market.
The attacks added to concerns over further disruption to global oil supplies amid ongoing Houthi strikes, and the war involving Iran.
Tensions were also rising around the Strait of Hormuz, where Iran said an agreement with Oman could soon provide a temporary safe-passage route, while warning that ships remain at risk of attack.
Meanwhile, Chinese crude imports strengthened in August, with refiners increasing purchases from the Persian Gulf and other sources. Higher imports have enabled China to export more refined products, providing some relief to global oil markets.
U.S. Energy Secretary Chris Wright hit the Sunday talk show circuit and said Washington would maintain its naval presence and blockade. But he warned that fallout from the war has led to high diesel prices.
“Diesel’s been impacted by a lot of factors, but the single biggest one there has been is the Ukrainian destruction of Russian refineries,” Wright told CNN’s “State of the Union.”
“Russia was a meaningful exporter of diesel throughout the last several decades. Today, they have banned any exports of diesel.”
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Canada imposed tariffs of 15% to 50% on hundreds of products from the U.S. on Tuesday, as Prime Minister Mark Carney bets that standing up to President Donald Trump will eventually help Ottawa’s negotiating position with its biggest trading partner.
Carney’s government increased the import tax on many U.S. steel items to 50% from 25%, and applied tariffs to a range of consumer goods – motorcycles, cosmetics, cheese and more – at 12:01 a.m. New York time.
The measure will hit U.S. exporters particularly hard in states such as Michigan and Ohio that do a lot of business with Canada and host heated races in November’s midterm elections.
Trump on Monday threatened in a social media post to bar sales of Bombardier Inc. jets in the U.S., accusing the Canadian company of living “off American Buyers.”
Bombardier has more than 2,800 U.S.-based suppliers.
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Thursday, we have a report on Aug. producer prices, and Friday, the CPI data. Some Fed Governors have already said they will be examining these with particular interest ahead of the Fed meeting next week.
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Dow Jones -628…-1.2% [52786]
S&P 500 -45…-0.6% [7673]
Nasdaq -85…-0.3% [26421]
Oil (WTI) $93.75…Brent $98.80
Gold $4360
Silver $65.75
Bitcoin: $78,443 [4:00 PM ET]
U.S. 2-year. 4.39%
U.S. 10-yr. 4.79%
Japanese 10-yr. 2.88%
Back Wed.
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Brian Trumbore
