Finance

Oil prices jumped to multi-month highs as President Trump warned that the fragile ceasefire between the U.S. and Iran is on "life support." The resulting concerns over potential disruptions in the Strait of Hormuz sent WTI crude above $101 per barrel, boosting energy sector stocks like Exxon Mobil while weighing heavily on transportation and airline shares.

Technology and semiconductor stocks faced significant pressure, with the Nasdaq Composite dropping nearly 1.5% as investors locked in profits following a recent AI-driven rally. High-profile chipmakers including Micron Technology, Intel, and Qualcomm saw sharp declines, leading a broader retreat across the tech-heavy benchmarks despite ongoing long-term optimism for AI infrastructure.

The U.S. Senate Banking Committee has introduced the "Clarity Act," a pivotal bill designed to establish a formal regulatory framework for the digital asset industry. While the legislative development aims to clarify jurisdictional boundaries for regulators, the broader cryptocurrency market traded lower on Tuesday, with Bitcoin slipping to approximately $80,800.