US-Iran Conflict Escalates Amid Economic Pressure
The ongoing conflict between the US and Iran has taken another turn, with Washington imposing economic pressure to try and bring an end to the war. However, despite this, military action continues, with the US Central Command destroying five Iranian oil tankers after Tehran attempted to strike a US Navy warship. The Treasury Department also sanctioned 27 Iranian airlines as part of its effort to isolate Iran's economy.
The escalation has pushed oil prices higher, with West Texas Intermediate futures climbing to $94.31 in early Asia trade. International benchmark Brent was at $99.21, just shy of the $100 a barrel mark. The Canadian trade rift with the US also deepened, with tariffs worth C$27.6 billion ($20 billion) going into effect.
On the tech front, deals announced by Corning and Qualcomm gave AI stocks a boost, with chipmakers Intel and Advanced Micro Devices rising 9% and 6%, respectively.