Welcome to Markets Desk, here's what's moving right now.
Crude oil is the headline in commodities today, with September WTI climbing nearly two percent on fresh supply disruption fears centered on the Strait of Hormuz. That geopolitical pressure is pushing front-month contracts sharply higher, and traders are watching the situation closely for any escalation that could tighten global supply further.
Pivoting to agricultural markets, cotton is holding firm at midday, with contracts running forty to sixty points higher. The dollar's modest bounce and crude's strength are both lending support, and export sales data showing accumulated business at one hundred two percent of the USDA's projection is giving bulls in that market plenty of confidence heading into the weekend.
Meanwhile Apple is facing a problem that even its famously disciplined supply chain operation is struggling to solve. The company is dealing with a memory component shortage made worse by surging artificial intelligence demand across the industry. Apple is actively scrambling for solutions, a rare admission of vulnerability for a company that built its reputation on logistics mastery under Tim Cook.
That's the tape. Markets Desk, signing off the floor.
