Oil Prices Surge as Hormuz Tanker Attacks Rattle Markets

Oil prices climbed sharply while global stock markets came under pressure after attacks on three tankers near the Strait of Hormuz renewed concerns over energy security and triggered fresh doubts about the stability of the US-Iran ceasefire.

The United Kingdom Maritime Trade Operations (UKMTO) reported that three commercial vessels were hit by projectiles or drones over the past 24 hours in or near one of the world’s most critical oil shipping routes.

The incidents came despite ongoing diplomatic efforts between Washington and Tehran to secure a lasting peace agreement.

“Crude oil rose by more than two percent after renewed attacks on commercial shipping in the Strait of Hormuz reignited concerns over global energy supplies and cast doubt on the durability of the US-Iran agreement,” said Axel Rudolph, chief technical analyst at trading platform IG.

The Strait of Hormuz is a vital route for global energy shipments, with a significant share of the world’s oil supply passing through the narrow waterway.

AI Rally Faces New Investor Concerns

Meanwhile, technology stocks faced renewed selling pressure as investors questioned whether the artificial intelligence boom has reached excessive valuations.

The tech-heavy Nasdaq Composite fell more than one percent in New York trading, while major European markets including Frankfurt and Paris closed lower.

Asian markets also suffered losses, led by Seoul where shares of South Korean technology giant Samsung Electronics dropped sharply despite the company forecasting a massive increase in quarterly operating profit.

Samsung said its second-quarter operating profit was expected to jump by more than 1,800 percent, driven by strong demand for memory chips used in artificial intelligence systems.

However, the company’s shares fell more than six percent after briefly dropping around 10 percent, as investors focused on future growth prospects rather than current earnings.

The benchmark KOSPI Composite Index ended nearly five percent lower.

“Strong earnings are no longer enough,” said Charu Chanana of Saxo Bank, noting that AI-linked companies must now demonstrate continued growth, strong forecasts and lasting pricing power.

Investors Watch AI Earnings Season

Samsung’s results marked the beginning of a closely watched earnings season, with investors looking for signs of whether massive investments in artificial intelligence will continue to deliver returns.

Market analysts said investors are increasingly focused on future performance rather than past achievements.

“Investors are not paying for what has already happened. They are paying for what happens next,” Chanana said.

Technology markets also declined in Tokyo, Hong Kong, Shanghai, Sydney, Taipei and Bangkok.

Shares of SpaceX also fell more than five percent in New York trading ahead of the company’s inclusion in the Nasdaq-100 Index, which was expected to trigger major purchases by index-tracking investment funds.

Markets Await Fed Signals

Investors are also awaiting the release of minutes from the latest meeting of the Federal Reserve System for indications about future interest-rate decisions.

The central bank has been balancing efforts to control inflation while monitoring economic growth and market conditions.