"Crude oil rose by more than two per cent" as renewed attacks on commercial shipping revived fears over global energy supplies, analyst Axel Rudolph said.
Michael Pistillo, left, and Federico DeMarco work on the floor at the New York Stock Exchange in New York, Monday, Jul 6, 2026. (Photo: AP/Seth Wenig)
08 Jul 2026 05:50AM
NEW YORK: Oil prices jumped after three tankers were attacked in the Strait of Hormuz, while jitters about the outlook for the AI sector hit equities.British maritime security agency UKMTO reported three tankers have been hit by projectiles or drones in the past 24 hours in or near one of the world's most important energy shipping routes, despite a ceasefire between the United States and Iran and efforts to secure a lasting peace agreement."Crude oil rose by more than two per cent 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 investing and trading platform IG.Meanwhile, investors once again turned cold on AI stocks.The tech-rich Nasdaq Composite shed more than one per cent in New York, while the blue-chip Dow closed 0.3 per cent lower.In Europe, Frankfurt and Paris both ended lower.Seoul once again led losses in Asian stocks as Samsung's share price tumbled - despite the South Korean chip giant's eye-watering rise in profit - on fears that the record-breaking AI-fuelled rally may have reached the end of the road.The "ugly reaction to exceptional Samsung earning is a reminder that, in richly valued markets, meeting expectations is no longer enough", noted Ipek Ozkardeskaya, senior analyst at Swissquote bank.Samsung said it expected to post a jump in second-quarter operating profit of more than 1,800 per cent thanks to sustained demand for memory chips seen as essential to help power the world's thirst for AI.However, the company's shares tumbled by as much as 10 per cent at one point before ending with a loss of more than six per cent.
