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Oil Soars as Geopolitics and AI Shake Markets | Europe News
Description
Oil prices surged nearly six percent after Trump signaled the end of an interim Iran deal, sending Brent crude past $78 and U.S. crude to $74.55, reversing earlier declines from over $100. The spike follows attacks on three ships in the Strait of Hormuz — vessels using a route near Oman, not Iran’s contested path — and U.S. military strikes. Geopolitical tension compounds market fragility fueled by AI stock mania, where hype may have outpaced earnings. Globally, European indices fell, U.S. futures dipped, while Asian markets split — Tokyo and Seoul down, Hong Kong up thanks to a Chinese AI firm. AI stocks remain volatile, with major tech names dropping and SpaceX’s debut day trading lower. The dollar gained strength against the yen and euro.
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