Finance

Oil prices spiked on May 28 after fresh attacks in the Persian Gulf threatened a fragile ceasefire between the U.S. and Iran. International benchmark Brent crude rose nearly 4% toward $98 a barrel, reversing a significant decline from the previous session when prices had dropped below $93. The renewed instability in the region has complicated efforts to reopen the Strait of Hormuz, a critical transit point for global oil supplies.

The S&P 500, Dow Jones Industrial Average, and Nasdaq composite reached fresh all-time highs this week, supported by strong corporate earnings and robust revenue reports. While early Thursday futures indicated potential pressure from rising yields and Middle East tensions, the broader market has remained resilient, with the S&P 500 recently closing above the 7,500 milestone. Heavyweights in the travel sector, including United Airlines and Norwegian Cruise Line, have recently led gains as lower energy costs briefly relieved pressure on high-fuel businesses.

Top executives in the artificial intelligence sector, including Nvidia's Jensen Huang and OpenAI's Sam Altman, have begun walking back previous warnings about mass unemployment caused by AI. They now argue that concerns over a sudden job apocalypse may be overblown, suggesting instead that the technology will enhance developer productivity and create new roles like forward-deployed engineers. This shift comes as major firms, including the Big Four consulting companies, move from pilot programs to enterprise-scale deployment of AI tools like Claude.