Here are the top stories from global financial media overnight and this morning.

Strait of Hormuz Sees Renewed Security Risk as Cargo Ship Attacked, Several Tankers Turn Back

A vessel was struck by an unidentified projectile in the Strait of Hormuz, shortly after several ships turned back while attempting to traverse the critical waterway. This latest development could disrupt the prospect of a swift reopening of the strait.

UK Maritime Trade Operations (UKMTO) reported that the unidentified cargo ship was hit on its side while sailing southeast of Oman, resulting in damage to its bridge. The UKMTO, which coordinates communication between merchant shipping and military authorities, advised vessels to "transit with caution."

Oil prices moved higher following the incident, with Brent crude reaching an intraday high above $75 per barrel, after media reports indicated Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship in the Strait of Hormuz on Thursday.

U.S. Inflation Climbs to Three-Year High as Consumer Spending Growth Accelerates

U.S. consumer spending growth picked up pace in May, even as inflation rose to its highest level in over three years, suggesting American consumers are weathering the impact of the Iran war.

Data released by the Bureau of Economic Analysis on Thursday showed the U.S. Personal Consumption Expenditures (PCE) price index increased 4.1% year-over-year in May, the largest gain since April 2023. The core PCE price index, which excludes food and energy, rose 3.4% from a year ago.

Inflation-adjusted consumer spending increased 0.3% from the previous month.

Apple Unusually Raises Prices on Mac, iPad, and Other Product Categories; Shares Post Largest Drop in Over a Year

Shares of Apple Inc. declined after the company announced price increases for Mac, iPad, home devices, and the Vision Pro to offset rising costs stemming from unprecedented shortages of memory chips and storage components.

The price hikes, effective globally, were posted on Apple's online retail store on Thursday. The company did not raise prices for the iPhone, Apple Watch, or AirPods but hinted that further adjustments for more products could be possible in the future.

Apple shares fell as much as 6.2% to $274.86, marking their largest intraday percentage decline since April 10, 2025.

Report: OpenAI Leaning Towards Delaying IPO Until Next Year

Three people familiar with discussions around the company's listing preparations revealed that OpenAI is leaning towards postponing its initial public offering until next year. This shift highlights the significant uncertainty facing the rapidly ascendant AI giant.

The sources said the company had previously hired investment banks and law firms, planning to complete the listing as early as the third or fourth quarter of this year. Insiders indicated that CEO Sam Altman asked the advisory team to devise a plan that would value the startup at $1 trillion in a public offering—its latest private funding round valued it at $73 billion.

New York Fed President Says Rates in a Good Position, Expects Inflation to Hit Target by 2028

New York Federal Reserve President John Williams stated that interest rates are in a good position to bring inflation back down toward the central bank's target.

"Given that inflation is elevated, we need to get it back sustainably to our 2% longer-run goal," Williams said in prepared remarks for an event in Jersey City on Thursday. "The current stance of monetary policy is in a good place to accomplish that."

Williams noted that inflation is "unquestionably elevated," driven by tariffs, energy shocks from the Iran war, and an AI investment boom. He said that while the effects of tariffs have largely been absorbed and energy prices have receded, significant risks remain.

European Defense Stocks Slide Again; What Are Investors Worried About?

European defense and aerospace stocks extended their decline on Thursday as investor sentiment cooled on betting on a European arms buildup following Germany's halt of a flagship naval vessel project.

The German government's policy reversal, canceling the F126 frigate project worth over €12 billion that was expected to be led by Rheinmetall, has exposed significant underlying risks within the European defense industry.

An analyst team led by David Perry at JPMorgan said in a research note on Wednesday: "This news serves as a reminder to the market that governments can change procurement decisions at any time."