Oil prices extended gains while tech stocks suffered further losses following fresh US strikes against Iran, marking a new escalation in hostilities. The strikes followed Iranian forces attacking a commercial ship in the Strait of Hormuz, a critical global oil passage. President Donald Trump announced a 20 percent fee on all cargo shipped through the strait, though he also indicated a deal with Tehran was still possible. Tech firms, particularly in South Korea, faced significant selloffs amid growing concerns about the AI boom.
FAQs
**What caused the rise in oil prices?** The rise in oil prices was driven by fresh US strikes against Iran and the subsequent closure of the Strait of Hormuz, a critical global oil passage.
**Why are tech stocks falling?** Tech stocks, particularly in South Korea, are falling due to growing fears about the sustainability of the AI-led rally and concerns over market overvaluation.
**What did President Trump announce regarding the Strait of Hormuz?** President Trump announced a 20 percent fee on all cargo shipped through the Strait of Hormuz and declared the United States would be 'THE GUARDIAN OF THE HORMUZ STRAIT'.
**Is a deal with Iran still possible?** President Trump indicated that a deal with Iran to end the crisis was still possible, despite the escalating tensions.






























