US-Iran Conflict Escalates as Oil Prices Surge Amid Renewed Hostilities

The US has launched fresh strikes against Iranian targets in response to renewed hostilities between the two countries. The conflict intensified after reports of attacks on commercial shipping in the Strait of Hormuz, a major global oil shipping route.

Oil prices surged around 5% following the escalation, with Brent futures rising 5.11% to $95.10 a barrel and West Texas Intermediate crude gaining 5.62% to $90.54. The renewed fighting has raised concerns over potential disruptions to energy supplies from the Middle East.

Apple stock rose about 3% on Tuesday after John Ternus formally became the company's chief executive, succeeding Tim Cook in Apple's first CEO transition since 2011. Ternus is a 25-year Apple veteran who previously led hardware engineering teams responsible for products including the iPhone, Mac, and iPad.

Gold prices fell to a two-week low as higher Treasury yields and a stronger US dollar weighed on bullion. Spot gold dropped 2.7% to $4,326.99 an ounce, with US gold futures declining 2.34% to settle at $4,376.50.