Finance

International oil benchmarks accelerated sharply following reports that an oil tanker was detained by Iranian authorities in the Strait of Hormuz. Brent crude surged past $90 a barrel, a move that immediately amplified broader market fears concerning a renewed wave of global inflation.

The bond market faced significant selling pressure as surging energy costs forced government bond yields to push higher. Notably, the 30-year U.S. Treasury yield touched its highest level since June 2007, closing above 5.3% and adding substantial downside pressure to equity valuations.

While mega-cap tech conglomerates paced the market's decline, select chipmakers and memory manufacturers managed to buck the negative trend. Robust sales expansions reported by artificial intelligence startups injected renewed optimism into the semiconductor sector, offering a rare pocket of growth.