Asian Stocks Decline as Investors Sell AI Shares Amid Rising Tensions
Oil prices rose on Thursday after the US said it had conducted a 'heavy wave' of strikes against Iran, in response to an attack on a US base. The Strait of Hormuz, a crucial waterway for oil transport, remains limited, putting pressure on global supplies.
The international standard Brent crude rose 0.6% to $88.60 per barrel, while U.S. crude was 0.3% higher at $84.70 per barrel. This comes after the US and Iran resumed exchanging attacks, with US President Donald Trump saying the US would hit Iran 'very hard.'
In Asia, stocks were mostly lower as investors sold AI-related shares. South Korea's Kospi extended its losses after falling more than 16% over the past two days, led by artificial intelligence-related stocks.
Chipmaker SK Hynix lost 5.6% and Samsung Electronics fell 0.7%, despite both reporting record quarterly operating profits.