Finance

Oil prices surged toward $120 per barrel following reports of a U.S. naval blockade of Iranian ports and the rejection of proposals to reopen the Strait of Hormuz. While broader market indexes struggled, the energy sector has significantly outperformed the general market in 2026, with major firms like Exxon Mobil and Chevron seeing substantial gains.

Market participants closely monitored quarterly reports from massive artificial intelligence players, resulting in a divergence across the technology sector. Microsoft reported strong revenue growth fueled by its cloud and AI services, while Meta saw shares decline after disappointing user growth and lower-than-expected capital expenditure forecasts.

The cryptocurrency market remained in a state of transition as Bitcoin struggled to break through the $80,000 psychological barrier. Although the asset is on pace for strong monthly gains and continues to see institutional interest via spot ETFs, trading volumes have reached their lowest levels since late 2023, suggesting cautious participation from retail investors.