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

Oil prices leap and stocks fall amid US-Iran strikes over Hormuz captures a sharp market reaction after the United States launched a renewed wave of attacks on Iran. Brent crude jumped 4.7% to $79.59 a barrel, while Asian equities dropped broadly. South Korea’s Kospi fell 8%, and Japan’s Nikkei 225 and China’s Shanghai Composite fell 2%. Semiconductor-related firms were hit hard, with SK Hynix down 15% and Samsung Electronics down 10%. The strikes, carried out after Sunday evening operations, were described by U.S. Central Command as intended to degrade Iran’s ability to attack civilian mariners and commercial ships in the Strait of Hormuz. The escalation also added uncertainty to a fragile interim U.S.-Iran truce signed last month. Tanker traffic fell to six vessels on Sunday, the lowest in five weeks, according to Kpler. Gold fell 1.5% to $4,060.36 an ounce.