Oil prices jumped again on Tuesday after fresh US strikes against Iran that marked a new escalation in hostilities that has fuelled fears over their already fragile truce and the chances of another spike in inflation.
However, tech firms enjoyed a much-needed reprieve after the latest bout of selling, although they only managed to claw back some of the hefty losses fuelled by growing fears over the AI boom.
The latest attacks came after Iranian forces struck a commercial ship in the Strait of Hormuz — through which about a fifth of global oil passes — early on Sunday, before announcing the closure of the waterway.
That led to a series of US strikes on sites in the Islamic republic, which replied by hitting targets in Bahrain, Jordan, Kuwait and Oman.
President Donald Trump told conservative radio host Hugh Hewitt on Monday before the latest US attacks that “we’re going to hit them very hard tonight, and we’re going to hit them hard tomorrow”.
