Oil Prices Rise 2% as Cpi Today Braces for Iran Shock
Oil prices rose 2% and cpi today was set for a weaker open after the U.S. military launched attacks against Iran before the bell Wednesday. Futures tied to the S&P 500 fell 1.1%, while the Nasdaq slid 1.6%, leaving tech traders facing another premarket sell-off.
Strait of Hormuz Pressure
Brent crude gained $1.67 to $93.12 per barrel, and benchmark U.S. crude rose $1.89 to $90.09 per barrel. Late February, Brent had been trading near $70 a barrel before the war began, showing how quickly the move has carried through energy markets. The route at the center of the concern is the Strait of Hormuz, where prospects for fully reopening the waterway were in doubt.
Donald Trump blamed Tehran for the crash of an Army helicopter near the Strait of Hormuz, and the attack followed that episode. Warren Patterson and Ewa Manthey, commodities strategists at ING, said in a Wednesday note to clients, “The situation remains highly volatile” and “This once again demonstrates the difficulty Iran and the U.S. face in working toward a sustainable ceasefire that allows for the free flow of vessels through the Strait of Hormuz.”
Tech Futures Under Pressure
Micron fell 4.2% before the bell, Super Micro Computer tumbled nearly 12%, and Nvidia slid 2.5% overnight. That added to a technology sell-off that was already running, with the S&P 500 coming off its first losing week in 10 weeks.
The pressure hit while the Labor Department was scheduled to release inflation figures before the opening bell on Wednesday, with May inflation expected to reach 4.2%. For readers watching rates, margins, and fuel costs, the immediate sequence is simple: oil moved first, tech futures followed, and the inflation print was due next.
Cracker Barrel Beats Forecasts
Cracker Barrel posted a 29 cents-per-share profit in its third quarter, beating analyst forecasts for a 48 cents-per-share loss. The shares jumped 10.7% overnight after the company raised its full-year guidance.
That leaves one clear split in the tape: energy and defense-related risk pushed markets lower, while a restaurant chain that beat expectations and lifted guidance drew a sharp bid. If the inflation report comes in near 4.2%, the oil move will sit at the center of the next read on how much geopolitical stress is feeding through prices.
