***Due to a late-scheduled meeting, I will fill in the final data when I return after the close.***
For commodities and bonds, these are 3:30 PM ET prices.
Thurs., Sept. 10, 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
Thurs., Sept. 10…regular $4.27…diesel $5.97 [record]
‘Regular’ is up 12 cents in two days, diesel up 7.
Crude oil rose over 5% today to $101 on WTI, $106 on Brent, the highest levels since May, as escalating tensions in the Middle East continue to raise fears of prolonged disruption to global energy supplies. Iran signaled it will continue retaliatory strikes if the U.S. attacks persist, while Iran-backed Houthi forces are targeting Saudi assets and threatening shipping routes.
Saudi Arabia’s crude oil production fell sharply in August 2026, dropping by around 1.9 million barrels a day to 6.238 million barrels a day, its lowest level since 1990.
The deteriorating backdrop from the Middle East dims expectations that supply from the region could be normalized as Asian economies are forced to re-enter the energy market. China imported 8.93m bpd of crude oil in August, a 6.2% increase from July, after its reliance on inventory since the start of the conflict shielded the global economy from a deeper energy shortage due to blockaded tankers in the Persian Gulf.
Yemen’s Houthi movement seized the strategic Red Sea port city of Mokha from the Saudi-backed pro-government forces, military sources say.
The capture of Mokha would bring the Iran-backed group closer to controlling the Bab al-Mandab Strait, a key shipping route about 75km (46 miles) to the south that links the Red Sea to the Gulf of Aden.
Hundreds of people have reportedly been killed and thousands displaced since the Houthis launched an offensive in the south-western coastal region a week ago.
At the same time, there has been a significant escalation in the Houthis conflict with neighboring Saudi Arabia that has contributed to the surge in global oil prices.
On Tuesday, the Houthis launched dozens of drones and missiles at southern Saudi Arabia, injuring 73 civilians and causing fires at several oil facilities that led to a temporary halt in operations, according to Saudi authorities.
The rally in oil spurred further losses in stocks and bonds with the yield on the 10-year Treasury hitting its highest level since Nov. 2023, the 30-year its highest since 2007.
Another factor was that while the producer price data for August was in line with expectations – 0.4%, 5.4% year-over-year; on core (ex-food and energy) 0.2% and 4.6% – some of the components that feed into the Fed’s preferred inflation barometer, the PCE (personal consumption expenditures index) were up more than forecast, boosting the chances for an interest rate hike when the Fed gathers next week.
[The European Central Bank raised its benchmark rate today a ¼-point. ECB President Christine Lagarde said at her news conference that “inflation is set to remain well above target for an extended period.” But while the risks are to the upside for inflation, they are to “the downside for economic growth.” Thus, it’s a meeting by meeting process in terms of future moves on rates.]
Tomorrow, we have a report on August consumer prices.
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Dow Jones -…-% [5]
S&P 500 -…-% [7]
Nasdaq -…-% [2]
Oil (WTI) $102.50…Brent $107.75
Gold $4325
Silver $63.70
Bitcoin: $77,170 [3:30 PM ET]
U.S. 2-year. 4.56%…up 14 bps from Wed.
U.S. 10-yr. 4.95%…up 12 bps from Wed.
Japanese 10-yr. 2.90%
Check out my Week in Review…posted Fridays at 4:30 PM ET.
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Brian Trumbore
