CNBC Daily Open: Crude Flows Back to Prewar Levels, But at What Cost?
Crude exports through the Strait of Hormuz return to prewar levels, but sharply higher prices at the pump continue to put pressure on the global economy.
TL;DR
- Crude exports through the Strait of Hormuz have returned to prewar levels, averaging 13.5 million barrels per day.
- Refined product supplies are still constrained, contributing to high diesel prices.
- President Trump is considering a ban on diesel exports to lower prices.
- Brent and WTI crude prices were lower in early Thursday trading.
- Google unveiled its new AI model, Gemini 4 Argon, featuring coding and cybersecurity capabilities.
- Meta's stock experienced its best month since 2022, rising nearly 30% in September.
- Commerce Secretary Howard Lutnick reported over $250 million in income last year, largely from his previous role at Cantor Fitzgerald.
- Treasury yields remain elevated despite a softer U.S. inflation reading, with Minneapolis Fed President Neel Kashkari stating inflation is still too high.