Finance

Oil prices experienced a highly volatile session, with Brent crude briefly dipping below $100 per barrel on hopes of a diplomatic breakthrough before paring those losses. Market sentiment soured following reports that U.S. Navy destroyers intercepted Iranian attacks in the Strait of Hormuz, complicating hopes for an immediate ceasefire. These fluctuations have contributed to one of the largest physical supply shocks on record, with the World Bank warning of potential price surges if key shipping routes remain restricted.

Cryptocurrencies showed relative resilience as Bitcoin maintained a position near the $81,000 level despite a slight pullback from earlier highs. Investors are weighing the potential for a 'risk-on' rally if geopolitical tensions de-escalate against the headwind of rising inflation risks that may delay Federal Reserve rate cuts. Meanwhile, Coinbase reported record-high trading volume market share for the first quarter of 2026, driven by rapid adoption of crypto derivatives and prediction markets.

The technology sector is witnessing a performance gap between companies with visible AI revenue and those facing high capital expenditure without immediate returns. While Alphabet and Amazon have seen significant year-to-date gains supported by massive cloud backlogs, firms like Meta and Microsoft have faced pressure over rising infrastructure costs. Additionally, the industry continues to lead in U.S. layoff announcements for 2026 as firms aggressively pivot their workforce toward AI-centric roles.