Brent hits $100, Apple's big launch, Trump's energy investments and more in Morning Squawk

Happy Wednesday. Don't miss CNBC's interview with Wells Fargo CEO Charlie Scharf today at 10 a.m. ET. Watch live on CNBC or CNBC+.

Stock futures are lower this morning after a losing day for all three major averages.

Here are five key things investors need to know to start the trading day:

Apple's annual product event is today, and between its new CEO's debut and expectations for a major iPhone update, it's set to be a big one.

Here's what to know ahead of the event:

• Analysts expect Apple to debut its first-ever foldable iPhone today. Such a product from Apple would be up against Samsung — the foldable market leader — as well as Chinese producers Xiaomi and Huawei.
• Bank of America said Tuesday that it is bullish on Apple ahead of the event, reiterating the stock as a buy as the prospect of a foldable iPhone stays top of mind.
• Analysts will also be listening to see whether Apple raises prices on any of its products following hikes to its MacBook and iPad price tags in July.
• The event doubles as a debut of sorts for John Ternus, who officially took over as CEO last week.
• CNBC will cover the 1 p.m. ET event live, online and on TV.

Brent crude futures are above the $100 a barrel mark for the first time since July as the Iran war continues to escalate. U.S. Central Command said yesterday that its forces destroyed five Iranian oil tankers in response to Tehran's attempted attacks on a U.S. Navy warship.

Iran's Islamic Revolutionary Guard Corps claimed it struck two American ships in retaliation for the U.S.'s attacks on the oil tankers, but Centcom denied that claim. "No U.S. Navy warship has been struck; all IRGC attempted attacks failed," Centcom said in a post on X.

Stocks tumbled yesterday, with the Dow Jones Industrial Average losing more than 600 points and the S&P 500 logging a post-Labor Day drop for the 10th straight year. The U.S. 10-year Treasury yield also briefly touched above 4.8% as investors worried about what crude's ascent would mean for inflation more broadly. Follow live market updates here.

The White House announced last night that President Donald Trump signed a slew of proclamations banning the import of certain Canadian products, including some motorbikes and alcoholic beverages. News of the new import restrictions, set to kick in on Sept. 29, came on the same day Canada's retaliatory tariffs on the U.S. took effect.

Trump also amended the list of goods subject to 50% tariffs in what U.S. Trade Representative Jamieson Greer called a "natural consequence of Canada's continued discriminatory treatment of crucial American exports."

That wasn't the only economic action the U.S. took yesterday. The Treasury Department on Tuesday sanctioned 27 Iranian airlines and some other businesses as it looks to squeeze Tehran's economy. It's part of the U.S.' broader effort, dubbed "Operation Economic Outcast," aimed at roiling Iran's financial health.

Meta on Tuesday unveiled its personal agent app called Muse, which it said can perform tasks like booking appointments and filling out forms. Users can access the app via a free tier or with a monthly subscription plan, which range from $20 to $100 in price.

Alexandr Wang, Meta's artificial intelligence chief, told CNBC that the app runs within "its own isolated environment" and "never sees" details like passwords or payment information. Wang also said Muse "feels very approachable and friendly and explainable."

As CNBC's Jonathan Vanian notes, the product comes as Meta faces a broader public reckoning — with legal implications — stemming from its privacy and safety policies. At the same time, Meta is also under pressure from Wall Street to show it can generate returns from its massive AI investments.

Trump's largest oil and gas holdings have gained millions of dollars since the Iran war broke out. A CNBC analysis found that the president's nine largest positions in the sector rose by an estimated $1.5 million to $4.4 million between the eve of the conflict and the end of August.

As CNBC's Luke Fountain reports, Trump's accounts have continued trading energy stocks such as ExxonMobil and Chevron during the conflict. Some trades were made on days when Trump's announcements caused notable swings in energy markets.

CNBC found no evidence that Trump directed the trades or that his investment managers had advanced knowledge of the president's decisions. The Trump Organization has said Trump's asset managers use automated trading. The White House said that independent managers oversee his portfolio.

CNBC's Official NFL Team Valuations for 2026 dropped this morning. Here are some of the key numbers:

• Average team worth: $10.36 billion
• Year-over-year increase: 35%

— CNBC's Kif Leswing, MacKenzie Sigalos, Arjun Kharpal, Michael Bloom, Sarah Min, Lee Ying Shan, Spencer Kimball, Anniek Bao, Kevin Breuninger, Chloe Taylor, Jonathan Vanian, Luke Fountain and Michael Ozanian contributed to this report.

Josephine Rozzelle edited this edition.