Iran has escalated attacks on oil tankers in the Strait of Hormuz to wartime highs, with eleven strikes in one week and five more the following week, injuring sailors and threatening the sustainability of Middle East crude exports. The attacks aim to block oil shipments and assert Iranian control over key transit lanes, though U.S. military escorts have enabled some exports to resume at significantly elevated risk levels.
US stocks declined Thursday as crude oil prices surged on Middle East tensions and hurricane-related US output cuts, fueling inflation concerns. The Nasdaq fell 1.25% while semiconductor stocks slumped 3.4%, partly due to reports of lower OpenAI revenues. Oil prices rose over 3.6% amid supply disruptions in the Strait of Hormuz.