Finance

Energy markets experienced upward momentum following reports that an Iranian parliamentary committee is reviewing a bill to restrict certain vessels from transiting the critical Strait of Hormuz. Brent crude futures advanced nearly 4% to hover above $82 per barrel, reigniting fears of sticky inflation and higher shipping costs.

The spot price of gold surged over 4% from its previous floor, trading firmly above $4,200 an ounce to mark its highest level since mid-June. Investors rotated capital back into the safe-haven yellow metal as rising energy costs and mixed economic signals prompted defensive market positioning.

Space Exploration Technologies Corp. witnessed a 6.1% stock increase despite the expiration of a post-IPO lockup period that made over 900 million shares eligible for insider sale. Large-scale institutional derivatives activity and lighter-than-expected initial sell volumes helped bolster investor confidence in the rocket manufacturer's bottoming valuation.