CNBC Daily Open: Oil worries flare as tech's winners split from the pack
Renewed Middle East tensions are in focus, after Iran reportedly attacked a cargo ship, OPEC faces potential exit of Iraq, and Iran and the U.S. disgree over funds use.
Tekef
STANSSTAD, SWITZERLAND - JUNE 21: U.S. Vice President JD Vance (R) looks on next to U.S. President Donald Trump's son-in-law Jared Kushner, as Iran's Foreign Minister Abbas Araqchi (L) shakes hands with Pakistan's Prime Minister Shehbaz Sharif, before the start of a quadrilateral meeting between the U.S., Iran, Pakistan, and Qatar at the Lake Lucerne Summit, aimed at advancing a deal to end the Middle East conflict at the Buergenstock Resort, Lake Lucerne on June 21, 2026 near Stansstad, Switzerland. Vance is visiting Switzerland for negotiations with Iran to end the war and open the Strait of Hormuz that have been delayed by Israeli strikes in Lebanon. (Photo by Nathan Howard-Pool/Getty Images)
Pool | Getty Images News | Getty Images
Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.
Markets are once again keeping a close eye on renewed tensions in the Middle East, which could push oil prices higher. Reports that Iran attacked a cargo ship in the Strait of Hormuz, the prospect of another major oil producer leaving OPEC and fresh disagreements between Tehran and Washington have revived concerns about energy supplies.
Investors, meanwhile, are parsing an increasingly divided tech sector. Micron's stellar earnings and SK Hynix's plans for a blockbuster U.S. listing sent both stocks sharply higher, but Apple's newly announced price hikes dragged shares down 6%, highlighting continued weakness in the sector.
What you need to know today
Tensions over the Strait of Hormuz appeared to flare up again after a U.S. official told MS NOW that Iran was behind an attack on a cargo ship near the coast of Oman. The ship was sailing under a Singapore flag, according to the Wall Street Journal, raising renewed concerns over one of the world's busiest oil shipping lanes.
Washington and Tehran are also at odds over the use of funds listed in the memorandum of understanding between the two countries. The speaker of Iran's parliament rejected claims by the Trump administration that the Islamic Republic's unfrozen assets would be used to purchase U.S. agricultural products.
U.S. officials, however, maintained that any released funds would remain subject to American approval.
"As the MOU states, the United States must approve how the funds are used," one U.S. official said. "As Vice President JD Vance announced this week, if Iranian assets are released, they will be used to purchase American agricultural products to feed the Iranian people."
The region's energy landscape is facing another potential source of uncertainty. Following the exit of the United Arab Emirates from OPEC in April, Iraq, the cartel's second-largest oil exporter, is reportedly seeking a higher output quota and has warned the group it could leave if demands are not met.
Reports suggesting Baghdad could end its membership in OPEC "did not reflect the Iraqi government's official position," Iraq's oil ministry said later on Thursday. Still, it reiterated the importance of reviewing oil production quotas, underscoring growing strains within the alliance.
Technology stocks, meanwhile, offered a more mixed picture.
Memory maker Micron surged 15% after posting blockbuster earnings, fueled by growing demand for memory amid the artificial intelligence boom.
That news, however, failed to lift the broader sector. Asian chip stocks reversed course Friday, with SK Hynix falling more than 3% while SoftBank Group tumbled 11% as investors grew wary of mounting costs of AI infrastructure.
The pressure wasn't confined to AI names. Apple shares slid more than 6% overnight, their steepest decline since April 2025, after the company announced price hikes on MacBooks and iPads, adding another headwind for the sector.
And finally...
Chicago Fed President Goolsbee says inflation is too high; Williams sees price pressures easing
Austan Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, speaks during the National Association of Business Economics (NABE) economic policy conference in Washington, DC, US, on Tuesday, Feb. 24, 2026.
Graeme Sloane | Bloomberg | Getty Images
Chicago Federal Reserve President Austan Goolsbee said Thursday that inflation is still trending the wrong way though there have been a few bright spots. A little later in the afternoon, New York Fed President John Williams said he expects inflation readings to start trending lower.
In a live CNBC interview from his home district, Goolsbee declined to speculate on where he thinks interest rates are headed. However, he said he remains squarely focused on inflation, in remarks that reflected sentiment new Fed Chairman Kevin Warsh expressed a week ago.
—Jeff Cox
