Crude Oil Prices Slide Amid US-Iran Diplomatic Progress, AI Boom Concerns

Oil prices continued to slide on Tuesday as renewed diplomatic efforts between the United States and Iran eased concerns over disruptions to crude supplies through the Strait of Hormuz.

The decline came after a sharp sell-off in technology stocks, with Asian chipmakers suffering heavy losses amid fresh concerns over the future of the artificial intelligence boom.

Global markets were rattled by a 10 percent collapse of South Korea's Kospi index, while Tokyo's Nikkei tanked more than four percent. Taipei was also off more than four percent as market heavyweight and chip giant TSMC took a hit.

A report that China's Shanghai Yuliangsheng had started mass production of a chipmaker technology long dominated by Dutch firm ASML compounded worries about the longevity of the AI boom.