Oil prices jump more than 2% and world shares are mixed
Oil prices surged following geopolitical tensions in the Strait of Hormuz, while stock markets declined due to a sell-off in AI-related chip companies. The market volatility reflects a combination of energy supply concerns and a cooling of the recent artificial intelligence investment frenzy.
Why it matters
Global market fluctuations driven by geopolitical instability and sector-specific corrections impact international trade and investor portfolios.
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NEW YORK (AP) — Oil prices jumped Monday following a weekend of attacks in the Middle East , while more losses for computer chip companies and other winners of the artificial-intelligence boom dragged stock markets lower.
The price for a barrel of Brent crude oil, the international standard, climbed 9.6% to $83.30 after the United States and Iran each said the Strait of Hormuz is under its control. Fighting in the region has kept oil tankers from using the strait to deliver crude to customers from the Persian Gulf, which drives up fuel prices worldwide.
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