Finance

Oil prices jumped significantly, with Brent crude rising nearly 4% to settle around $82.49 a barrel and West Texas Intermediate increasing 2.75% to $77.29. The surge was fueled by growing investor frustration over delays in finalizing a peace deal to reopen the strategically vital Strait of Hormuz. High energy prices continue to aggravate persistent domestic inflation concerns.

Shares of major memory and storage providers Western Digital and SanDisk suffered steep declines after reporting their latest financial results. Despite strong historical growth driven by artificial intelligence demand, both companies issued forward-looking guidance that failed to meet elevated investor expectations. Western Digital dropped roughly 13%, leading to questions about a cooling broader AI momentum.

SpaceX shares demonstrated resilience, climbing 6.1% on the same day its initial post-IPO employee and early investor share lockup period expired. Market analysts observed large, sophisticated options trades that favored downside put-selling combined with upside call-buying. This derivatives activity suggests that high-net-worth market participants are betting that the rocket manufacturer's stock is finding a definitive price floor.