Oil Prices Fall as Global Market Takes Hit on Ongoing Conflicts and AI Boom Concerns

The global market took a hit on Wednesday as oil prices fell and Asian shares mostly traded lower. The South Korean Kospi, which has been benefiting from the AI boom, saw its losses extend to over 16% in two days.

Crude prices remain volatile after the US said it conducted strikes against Iran, responding to an attack on a US base. Brent crude lost 1% to $87.18 per barrel, while benchmark US crude declined 0.9% to $83.74 per barrel.

In South Korea, Samsung Electronics gained 2.4% after reporting a record operating profit for the latest quarter. However, chipmaker SK Hynix lost 4% after its quarterly operating profit ballooned nearly sixfold, falling short of analysts' expectations.