US-Iran Tensions Spark Global Energy Fears as Oil Prices Soar

Renewed US-Iran tensions have sent oil prices soaring as investors worry about potential disruptions to global energy supplies. The US launched fresh strikes against Iranian targets, targeting Islamic Revolutionary Guard Corps positions and sparking concerns over supply disruptions from the Middle East.

The Strait of Hormuz is a major global oil shipping route, and any prolonged fighting could increase energy costs and inflation pressures while adding uncertainty for global investors. Oil shipments had recovered to about half of pre-war levels during the period of reduced hostilities.

Meanwhile, Apple stock rose 3% after John Ternus formally took over as chief executive, succeeding Tim Cook. The change marks Apple's first CEO transition since 2011, with Ternus bringing a 25-year tenure at the company and experience leading hardware engineering teams responsible for products including the iPhone, Mac, and iPad.

Gold prices fell to a two-week low due to higher Treasury yields and a stronger US dollar, which weighed on bullion. Spot gold dropped 2.7% to $4,326.99 an ounce, while oil prices jumped about 5% as renewed US-Iran fighting increased concerns over potential disruptions to crude supplies from the Middle East.