US-Iran Tensions Escalate as Oil Prices Surge
The US launched fresh strikes against Iranian targets on Tuesday, escalating tensions between the two countries and raising concerns about potential disruptions to oil supplies.
The attacks targeted Islamic Revolutionary Guard Corps positions, following reports of commercial shipping incidents in the Strait of Hormuz and US forces in the region.
Oil prices jumped around 4% as renewed fighting revived fears of supply disruptions from the Middle East. The Strait of Hormuz is a major global oil shipping route, with oil shipments recovering to about half of pre-war levels during the period of reduced hostilities.
Apple stock rose by about 3% on Tuesday after John Ternus formally took over as chief executive, succeeding Tim Cook. Ternus is a 25-year Apple veteran who previously led hardware engineering teams responsible for products including the iPhone, Mac, and iPad.