Alex Ossola

But more crude is coming from an unlikely source, Venezuela.

Months after the ouster of Nicolas Maduro, U.S.

imports of Venezuelan oil have climbed to their highest level in more than a year.

American fuel makers are snapping up the rising supplies of Venezuela's heavy crude that their refineries were designed to process.

The continuing conflict in the Middle East weighed on stock markets today.

The Dow fell 1.6 percent, or 785 points, while the S&P and Nasdaq both fell by less than 1 percent.

U.S.

oil prices rose 8.5 percent to more than $81 a barrel, their highest price since July 2024 and the biggest one-day jump since 2020.

And Brent crude, the global energy benchmark, climbed above $85 a barrel.

The effective closing of the Strait of Hormuz has trapped thousands of ships in the Persian Gulf, forcing Gulf producers to slash output and Asian refiners to hunt for alternative supplies.

When Apple announced new products this week, the lineup came with some changes.

The return of bright colors and some lower-than-usual prices for the company.

The starting price for its new entry-level iPhone, the 17E, is $599, the same as last year's model.

And the entry-level MacBook Neo laptop also costs $599.

Rolf Winkler covers Apple for the Journal and joins me now.

Rolf, Apple is, of course, known for its pricey premium products.

Why is Apple selling these cheaper devices now?

What is its business strategy?

And what about for the iPhone?

Yeah, let's talk about that memory crisis a little bit.