Oil prices spike on fresh U.S.-Iran attacks, tech hammers on stocks again
Global oil prices surged following renewed military hostilities between the U.S. and Iran in the Strait of Hormuz. The conflict has also triggered a sell-off in technology stocks as investors fear rising inflation and interest rates.
Why it matters
Escalating conflict in a major oil transit route poses a significant risk to global economic recovery and market stability.
Oil prices jumped more than 4% on Monday (July 13, 2026) after another flare-up between the United States and Iran that threatened their already fragile truce, while South Korean stocks plunged as tech firms were hit by a fresh rout.
The renewed hostilities in West Asia followed last week's exchange of fire and came as negotiators struggle to reach a lasting peace deal to keep the crucial Strait of Hormuz open.
The U.S. military launched a new wave of strikes on Sunday (July 12, 2026) after renewed fighting over the waterway saw several of Washington's Gulf allies targeted.
Both main oil contracts, which have tumbled since the announcement of the agreement, spiked as much as 4.5%, fanning fresh concerns that inflation — already elevated because of the war — could force central banks to hike interest rates.
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