Commodities
US-Iran Tensions Spark Global Market Volatility
The US-Iran tensions have sent shockwaves through global markets, causing stocks to plummet and oil prices to soar.
Brent crude rose to $83 in late trading, driven by concerns over a potential disruption to the Strait of Hormuz, a crucial waterway for oil shipments.
This development has stoked fears that the Federal Reserve will be forced to raise interest rates to combat inflation, which could have a ripple effect on the economy.
The S&P 500 fell for a second consecutive day, while memory companies Sandisk Corp and Western Digital Corp saw their stocks drop due to disappointing forecasts.