The Iran conflict widened rather than cooled this week. After CENTCOM destroyed five more Iranian oil tankers near the Gulf of Oman and Kharg Island on 9 September under the "tanker for tanker" doctrine, Iran retaliated by striking ten ships near the strait and firing roughly 20 ballistic missiles at the US base in Muwaffaq Salti, Jordan — Jordanian air defenses intercepted 18, but a US A-10 was damaged and around 30 Patriot interceptors were fired to break up the attack. Brent crude spiked through $100 and touched roughly $105/bbl intraday, its highest of the conflict. The one offsetting thread is that the temporary Iran-Oman shipping corridor agreed in late August is still holding, with the two sides reportedly negotiating a permanent arrangement and a joint mine-clearing project, though Hormuz traffic remains far below its pre-war norm. On Russia-Ukraine, the capital-strike truce brokered by US envoys Witkoff and Kushner during their Moscow-Kyiv shuttle lapsed on schedule around 8 September — Russia resumed strikes on Kyiv — with only an agreement to resume trilateral US-Russia-Ukraine talks to show for the trip; Moscow rejected a broader air truce and repeated its demand for a Ukrainian withdrawal from the rest of Donbas. On the macro side, August CPI (released 11 Sept) came in hotter than forecast on both headline (+0.4% m/m, 3.4% y/y, gas-driven) and core (+0.3% m/m, beating expectations even as the annual core rate ticked down to 2.4%), compounding a hot August PPI print (+5.4% y/y) from the prior week. That pushed prediction-market odds of a 25bp hike at the Fed's 15-16 September meeting up toward 61-80%, a sharp reversal from "cut" expectations a month ago under new Chair Kevin Warsh's inflation-first stance. The ECB, meeting first on 10 September, delivered its own widely-expected 25bp hike (deposit rate to 2.50%), which Lagarde called "a no brainer," while flagging that the Iran war and Russia-Ukraine spillovers will keep euro-area inflation "well above target" for longer. Equities were volatile and net lower: a sharp Tuesday selloff on the Jordan/tanker escalation (Dow -1.18%) was mostly, not fully, clawed back by a Friday rebound (Dow +0.98%), leaving the week's close below where it started. The Stoxx 50 fell 1.9% on the week despite its own Friday bounce. Apple's "iPhone Duo" launch event (9 Sept) failed to lift the stock, which fell 2.5% that day; Oracle rallied into and through its earnings beat on AI-driven cloud growth, one of the few unambiguous bright spots in an otherwise risk-off week.