Crude Oil Surges Above $106 as Inflation Concerns Mount and Apple Enters Foldable Market

Crude oil prices surged to new heights on Thursday, with Brent crude breaking above $106 and West Texas Intermediate crossing the $101 threshold.

The sharp increase in oil prices is largely attributed to tanker attacks and diminished shipping activity through the Strait of Hormuz, as well as Houthi operations in the Red Sea that have compounded supply disruption fears.

The August Producer Price Index (PPI) in the US also played a significant role in the market's reaction, with a 0.4% monthly increase and a 5.4% annual rise, putting pressure on the Federal Reserve to maintain its interest rate hike discussions.

Apple made headlines by unveiling the iPhone Duo, a foldable smartphone that boasts a $1,999 price point, marking the company's entry into this emerging market segment.