Oil jumps nearly 5% as US-Iran clashes rattle markets, chip stocks tumble

GeopoliticsCommodityPrice Action Impact 4
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Oil prices surged nearly 5% on Monday after renewed military strikes between the United States and Iran revived fears of supply disruptions from the Middle East. Brent crude climbed 4.8% to $79.65 a barrel, while U.S. West Texas Intermediate crude rose 5% to $74.98. The rally followed conflicting claims over the status of the Strait of Hormuz, with Iran saying it had closed the waterway and U.S. officials disputing that. U.S. stock futures were mixed, with S&P 500 futures down 0.3% and Nasdaq 100 futures sliding 1%, as a selloff in Asian chip stocks weighed on technology shares. Shares of SK Hynix plunged nearly 14% in South Korea, dragging the KOSPI index down more than 5% and triggering a brief trading halt, despite strong AI-driven demand that saw Taiwan Semiconductor Manufacturing Co. report a 36% rise in second-quarter revenue to T$1.27 trillion. Investors are also bracing for a busy week of second-quarter earnings that could provide fresh insight into corporate spending and the outlook for artificial intelligence.

Impact on stocks 3

Semiconductors± Mixed · 2 stocks
SK Hynix Inc
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▼ NegativeGeopoliticsrelevance

Shares plunged nearly 14% amid selloff in Asian chip stocks triggered by US-Iran clashes

Consumer Staples▲ · 1 stocks

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