Brent crude climbs after U.S.-Iran strikes, while Asian tech shares fall ahead of key earnings and inflation data.
Brent crude prices rose to $78 per barrel on Monday following escalating military action between the U.S. and Iran over the weekend. The increase, though modest, reflects renewed supply concerns amid conflicting reports on the status of the Strait of Hormuz, a critical oil shipping route.
The move follows a volatile week for oil, which had traded below $80 since mid-June. Meanwhile, memory chip stocks in Asia extended losses, dragging South Korea’s KOSPI index lower as global equities showed early weakness ahead of second-quarter earnings and U.S. inflation data due later this week.
Market reaction remained measured, with oil paring some gains after an initial spike to near $80. Traders are balancing geopolitical risks against broader economic concerns, including upcoming corporate results and inflation readings.