Hormuz Uncertainty Triggers Global Market Volatility

Global markets were volatile on August 10 as uncertainty surrounding the Strait of Hormuz led to a 5% surge in oil prices.

Hopes for a peace deal between the US and Iran, as well as the resumption of shipping through the strategic route, faded, contributing to investor concern.

The energy sector gained 4.6%, with Marathon Petroleum rising 7.5% and Chevron gaining 4.5%. Technology stocks fell 1%, however, with Intel dropping 4% and Nvidia losing 3%.

US inflation data is also expected to influence market moves, as the Federal Reserve considers its next interest-rate decisions.