Oil prices spike on fresh US-Iran attacks, tech weighs on stocks again
Oil prices rose more than four percent on Monday after renewed hostilities between the United States and Iran threatened the Strait of Hormuz. The escalation followed an Iranian attack on a commercial vessel and a subsequent US strike campaign. Meanwhile, Asian equity markets fell, led by a more than five‑percent drop in South Korea’s KOSPI as tech stocks, especially SK hynix, faced renewed selling pressure.
- ▪Oil contracts spiked up to 4.5 percent after the latest US‑Iran clash.
- ▪Iran’s Revolutionary Guards warned the Strait of Hormuz would remain closed until American interventions end.
- ▪US Central Command confirmed the waterway was open to lawful vessels despite the attacks.
- ▪Seoul’s stock market fell over five percent, driven by a 10‑percent plunge in SK hynix shares.
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