Oil prices leap and stocks fall amid US-Iran strikes over Hormuz - AOL

Oil prices jumped and stocks fell after the U.S. launched a new wave of attacks against Iran during an escalating standoff over the Strait of Hormuz. Brent crude rose 4.7% to $79.59 per barrel, while Asian equity markets declined sharply. South Korea’s Kospi fell 8%, and Japan’s Nikkei 225 and China’s Shanghai Composite were down 2%. Chip stocks were among the hardest hit, with SK Hynix down 15% and Samsung Electronics down 10%, after the U.S. military strikes on Sunday evening triggered retaliation from Tehran. U.S. Central Command said the attacks aimed to “degrade” Iran’s ability to attack civilian mariners and commercial ships transiting the strait, as Donald Trump directed strikes to hold Iranian forces accountable. The article notes fears for a fragile interim U.S.-Iran truce signed last month, as Kpler data showed only six vessels crossed on Sunday, the lowest in five weeks. Gold fell 1.5% to $4,060.36 per ounce.