Evening digest: US's Iran strikes lift oil, Apple welcomes new CEO

US-Iran tensions intensified as Washington launched fresh strikes against Iranian targets, raising concerns about renewed disruptions to oil flows through the Strait of Hormuz.

Apple stock rose as John Ternus formally took over as chief executive, beginning the company’s first CEO transition since 2011.

Gold prices fell to a two-week low as higher Treasury yields and a stronger dollar pressured bullion. Oil prices jumped about 4% as renewed fighting revived fears of supply disruptions from the Middle East.

US launches new Iran strikes

The US launched a fresh wave of strikes against targets in Iran on Tuesday, marking a renewed escalation in the conflict after weeks of relative calm.

US Central Command said the strikes targeted Islamic Revolutionary Guard Corps positions following attacks on commercial shipping in the Strait of Hormuz and US forces in the region.

The latest attacks followed reports that two oil supertankers attempting to leave the Strait of Hormuz had been hit by projectiles.

The incidents came after the US said it had targeted Iranian rocket launchers preparing to place mines in the strait, while Iran retaliated with attacks on the United Arab Emirates and Jordan.

The renewed fighting has raised concerns over energy supplies because Hormuz is a major global oil shipping route.

Oil shipments had recovered to about half of pre-war levels during the period of reduced hostilities.

A prolonged return to fighting could increase energy costs and inflation pressures while adding uncertainty for global investors.

Apple stock rises as John Ternus takes charge

Apple stock rose about 3% on Tuesday after John Ternus formally became the company’s chief executive, succeeding Tim Cook.

Ternus is a 25-year Apple veteran who previously led hardware engineering teams responsible for products including the iPhone, Mac and iPad. His appointment marks Apple’s first CEO transition since 2011.

Cook, who succeeded co-founder Steve Jobs in August 2011, is moving into the role of executive chairman.

During his tenure, Apple expanded from a business valued at roughly $350 billion to one worth more than $4.5 trillion.

Investors appeared to view the leadership change as an orderly transition.

Ternus now faces the challenge of navigating competition in artificial intelligence while maintaining Apple’s product momentum and supporting future hardware growth.

Gold price falls below key technical level

Gold prices dropped more than 2% on Tuesday, reaching a two-week low as higher Treasury yields and a stronger US dollar weighed on bullion.

Spot gold fell 2.7% to $4,326.99 an ounce, after touching $4,362.89 earlier in the session. US gold futures declined 2.34% to settle at $4,376.50.

Gold’s move below its 200-day moving average, currently around $4,528, added to technical selling pressure.

Treasury yields also climbed to their highest level since January 2025 as renewed Middle East tensions increased inflation concerns.

Higher interest rates and Treasury yields typically weigh on gold by increasing the opportunity cost of holding the non-yielding asset.

A stronger dollar also makes gold more expensive for buyers using other currencies.

Markets are now focused on upcoming US employment data, including the ADP report and nonfarm payrolls, for clues about the Federal Reserve’s policy outlook.

Oil prices jump as Middle East tensions escalate

Oil prices climbed about 5% on Tuesday as renewed US-Iran fighting increased concerns over potential disruptions to crude supplies from the Middle East.

Brent futures rose 5.11%, to $95.10 a barrel, while West Texas Intermediate crude gained 5.62%, to $90.54. Both benchmarks were on track for their strongest closes in several weeks.

The renewed attacks came after the first direct exchange of strikes between the US and Iran since July and reports of tanker attacks near the Strait of Hormuz.

Iran has warned that it could prevent oil exports from the Gulf, increasing uncertainty around global energy flows.

The market is also dealing with broader refining disruptions.

Diesel prices in the US reached a 52-month high on Tuesday after rising about 51% over the previous 10 weeks. The diesel crack spread, which measures refining margins, climbed to a record high near $106 a barrel.

Investors are also awaiting weekly US oil inventory data. Analysts expect energy companies to have withdrawn about 0.8 million barrels of crude from storage in the week ended August 28, which would mark the first decline in five weeks.