A drone attack on a major Saudi oil pipeline connected to its Red Sea shipping terminal could cost the world 4 percent of its current crude supply.
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IRAN WAR THREATENS DUBAI’S EXISTENCE, ANALYST SAYS
Dubai’s decades-long transformation from an oil-poor sheikdom into an oasis of wealth has depended on the country’s port of Jebel Ali, located at the inner edge of the Strait of Hormuz.
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DIESEL FUEL TOPS $6 A GALLON
On 11 September, the price of diesel fuel in the U.S. averaged $6.06 a gallon, AAA reported. It rose to $6.23 on 14 September, with prices ranging from $5.99 in New England to almost $7.98 in California.
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THE U.S. STRATEGIC PETROLEUM RESERVE IS RUNNING ON EMPTY
The oil in the U.S. Strategic Petroleum Reserve (SPR), an array of 60 underground salt caverns along the Texas and Louisiana coasts, is approaching dangerously low levels.
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HIGH PRICES, MORTGAGE RATES CRIMP HOME SALES IN AUGUST
In August, 2.0 percent fewer existing U.S. home sales were closed than in July, falling by 1.2 percent year on year to mark the slowest pace of sales since June 2025, the National Association of Realtors (NAR) reported.
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ONCE AGAIN, INFLATION IS RISING FASTER THAN U.S. WAGES
In August, U.S. consumer prices rose at an annual pace of 3.4 percent, while workers’ average hourly earnings increased by 3.1 percent, according to the Bureau of Labor Statistics.
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MARKET OVERVIEW
The Dow Jones Industrial Average popped up by 500 points Friday, reversing three consecutive down days, but the late surge was not enough to pull the index out of negative territory for the shortened trading week.
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PENTAGON WATCHDOG CONTRADICTS TRUMP’S CLAIM THAT U.S. HAS ‘VIRTUALLY UNLIMITED’ SUPPLY OF KEY WEAPONS
The Pentagon’s Inspector General’s Office released a 44-page report on President Donald Trump’s war against Iran called “Operation Epic Fury,” and identified key weapons shortages and extensive damage to U.S. assets in the Middle East, which run counter to the White House’s claim that the war has essentially been won and the U.S. has no shortage of weapons.
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SPOTLIGHT: BIGS GETTING BIGGER
Nvidia, the world’s market leader in AI chip design, is paying $13 billion to own Hugging Face, a web service that houses about three million AI models, a half-million data sets, and millions of individual AI applications.
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SPOTLIGHT: THE BOND ROUT CONTINUES
On 9 September, U.S. treasury secretary Scott Bessent announced the agency would buy back $6 billion worth of long-dated government securities in a further attempt to bring down interest rates on long-term debt.