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- The Singapore-registered GFS Pride sank after being struck in the Strait of Hormuz.
- Iran threatened to attack U.S. warships as Washington insisted that American forces and regional partners remained in control of Hormuz.
- U.S. inflation exceeded expectations in September as energy costs jumped.
- Analysts said Trump’s decision to ease restrictions on Russian diesel exports is unlikely to provide substantial relief.
- Elon Musk said Washington controls Ukraine’s military-grade Starshield service and that any restrictions are determined by the U.S. military.
A vessel transits the Gulf of Oman off the coast of Khor Fakkan in the emirate of Sharjah in the east of the UAE on October 13, 2026. – | Afp | Getty Images
Hello, this is Hui Jie writing to you from Singapore, filling in for Leonie Kidd. Welcome to another edition of CNBC’s Daily Open.
The Strait of Hormuz is back in the spotlight after Iran sank a Singapore-registered ship in the crucial maritime corridor. Tehran is also now threatening to hit military targets, with Islamic Revolutionary Guard chief Ali Ozmaei reportedly saying the country is “impatient to sink American warships.”
SpaceX founder Elon Musk has blamed Washington and U.S. President Donald Trump for issues affecting Ukraine’s drones, after Kyiv accused SpaceX of deliberately restricting its weapons on its military-grade Starlink network.
What you need to know today
Both Washington and Tehran are insisting that they are in control of the critical Strait of Hormuz.
Ali Ozmaei, the chief of Iran’s Islamic Revolutionary Guard, reportedly said the country was “counting the moments” until it could attack U.S. warships.
“If the Americans think the Strait of Hormuz is open, let them come closer,” he said. “We are impatient to sink American warships.”
U.S. Central Command offered a very different assessment, saying American forces and their regional partners “clearly control” the waterway.
Regardless, transiting the Strait remains a perilous endeavor for commercial ships.
Tensions in the waterway spiked as a Singapore-registered container ship was sunk, although all crew members managed to be evacuated and there were no injuries.
“Such attacks are unprovoked, unjustifiable and a breach of international law,” the Maritime and Port Authority of Singapore said Wednesday.
A second Singapore-registered vessel, the GFS Giselle, was also struck and sustained hull damage. It reached a safe anchorage, and none of its crew members were injured.
Hot inflation dents tech stocks
A hot U.S. inflation report dragged down markets both stateside and in Asia, with the S&P 500 pulling back 1.11% and the Nasdaq Composite shedding 1.88%. Asian markets were all in negative territory, led by the Kospi’s 7.26% loss.
U.S. consumer prices rose 3.7% in September from a year earlier, exceeding expectations of 3.6%. The energy index jumped 5.2% as the Iran war continues to keep fuel costs elevated.
Gasoline averaged $4.33 per gallon on Thursday, up from around $3.08 a year earlier, according to AAA.
Core CPI, which excludes food and energy, rose 2.6% annually, also coming in 0.1 percentage point above estimates.
U.S. President Donald Trump’s decision to temporarily ease restrictions on Russian diesel exports was intended to help ease inflationary pressure. But analysts say expected Russian diesel exports may prove to be a small drop in a very expensive barrel.
Ukraine and Starlink
SpaceX founder and CEO Elon Musk said Wednesday that the White House was responsible for any curbs on Ukrainian access to the military-grade Starlink network.
Writing on X, Musk said that “Starshield systems are owned and controlled by the U.S. government. Any limits on speed or usage are decided by the US military and ultimately POTUS.”
This comes after Ukraine had accused SpaceX of imposing new restrictions on the Starshield internet service without warning, leading to disruptions to Ukrainian military operations amid fresh Russian strikes on its energy infrastructure.
The developments also come amid tensions between Kyiv and Washington over an “energy ceasefire,” between Ukraine and Russia announced by Trump over the weekend.
In an interview with Piers Morgan released late Wednesday, Zelenskyy said he felt let down by Trump’s recent dealings with Vladimir Putin, Russia’s attacks on Ukrainian energy infrastructure and the apparent shutdown of Starlink.
— Lim Hui Jie
And finally…
TSMC posts record profit for a sixth straight quarter, beating estimates on AI boom
Taiwan Semiconductor Manufacturing Co. on Thursday reported a record third-quarter profit that beat estimates, powered by an unrelenting global appetite for AI chips.
The world’s largest contract chipmaker posted a record net profit for a sixth straight quarter, reporting a 68.7% surge from a year earlier.
TSMC’s third-quarter operating margin came in at 58.7%, exceeding the upper end of its guidance range of 58%, showcasing the pricing power enjoyed by the company as the AI boom fuels demand for semiconductors.
— Jenny Lee
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