Finance

Energy prices spiked more than 5% over a two-day period as geopolitical tensions in the Middle East intensified. Brent crude rose above $76 a barrel after the U.S. military launched strikes against Iranian targets and revoked authorization for Iranian oil sales following attacks on commercial vessels in the Strait of Hormuz.

U.S. Treasury yields trended upward as investors anticipated the release of minutes from the Federal Reserve's June meeting. Market participants are searching for clues regarding the policy outlook under new Chair Kevin Warsh, with current pricing suggesting a significant probability of interest rates remaining steady in the near term.

Chipmaker stocks experienced significant losses, with the Philadelphia Semiconductor Index dropping more than 4%. Investor sentiment remained weak despite blowout quarterly results from Samsung Electronics, as concerns grew over whether high valuations in the artificial intelligence sector are sustainable.