Finance

Oil prices surged as conflict in the Strait of Hormuz raised concerns about global supply disruptions. Brent crude climbed toward $98 per barrel following U.S. military strikes on Iranian installations, which has already contributed to rising inflationary pressures across the global economy.

While major indexes pulled back, specific segments of the technology sector remained buoyant due to ongoing AI infrastructure demand. Marvell Technology extended a significant rally after industry leaders suggested its market capitalization could reach $1 trillion, and STMicroelectronics saw a sharp gain following upward revisions to its 2026 data center revenue forecast.

Fresh economic data showed U.S. job openings surged to 7.618 million in April, significantly exceeding consensus estimates. This strength in the labor market, combined with falling quit rates, provides the Federal Reserve with additional leeway to maintain a hawkish stance on interest rates to combat persistent inflation.