Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Here's your morning brief for Monday, March 9th. I'm Daniel Bach for The Wall Street Journal. Oil prices have crossed $100 a barrel for the first time since Russia's invasion of Ukraine rattled oil markets back in 2022.
The global oil benchmark Brent crude surged nearly 30 percent overnight, with Gulf oil producers cutting production as their facilities come under attack and shipping remains paralyzed.
That said, oil prices paired some gains following a report by the Financial Times this morning that G7 finance ministers will discuss a possible joint release of oil reserves. We're exclusively reporting that the president's sons, Eric and Donald Trump Jr., are backing PowerUs, a new drone manufacturer aiming to supply the Pentagon following a ban on Chinese drones.
Through a reverse merger with a golf course holding company backed by the Trumps, the Florida-based drone company plans to debut on the Nasdaq in the coming months.
Chapter 2: Why have oil prices surged past $100 a barrel?
PowerUs CEO Andrew Fox says the move will provide the capital needed to scale production to 10,000 drones per month. And we report that activist investor Starboard Value has built a sizable stake in French fry maker Lamb Weston and is planning to push for changes to boost the Idaho company's underperforming stock.
Lamb Weston is the largest producer of French fries in North America and the second biggest globally, with customers including McDonald's and Chick-fil-A. The size of Starboard's stake in the company couldn't be learned. Asian stocks ended the day lower, European stocks are also down in midday trading, and U.S.
stock futures are lower ahead of earnings from Hewlett-Packard and Constellation Software. And we have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.