Alex Ossola

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.

So the costs for the components inside Apple's devices are rising.

How is Apple dealing with those rising costs at the same time as it's pitching us those relatively low-cost phones and computers?

What happens to its profit margins?

That was WSJ reporter Rolf Winkler.

Thanks, Rolf.

And that's What's News for this Thursday afternoon.