Oil Surges, Tech Bleeds as US-Iran Tensions Rattle Markets
WTI crude jumps 2.6% to $81 as Iran threatens the Strait of Hormuz, while Nasdaq futures slide 1.5% and the tech selloff widens.
You want volatility? You've got it. Tech shares that cratered yesterday dragged Asian markets into the gutter overnight — the Nikkei dropped 4% and South Korea's KOSPI got absolutely crushed, falling more than 6%. Europe held up better, but only because those indices carry far less tech weight. Don't mistake that for resilience.
The pain is spreading stateside before the open. Nasdaq futures are off 1.5% and S&P 500 futures are down 0.8%. What's alarming is this isn't just the usual AI and chipmaker crowd taking hits — big tech names are bleeding too in pre-market trade. The selloff is getting wider. That's a warning sign you don't ignore.
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Iran is pouring fuel on the fire — literally. The IRGC is doubling down on threats to block the Strait of Hormuz as long as US strikes continue. Traders are pricing that risk fast. WTI crude is up 2.6% to $81.00, clawing back above a key psychological level after struggling with it all week. Energy is the one place you don't want to be short right now.
Treasury yields are pulling back slightly, with the 10-year down about 4.6 basis points to 4.525%, giving the dollar a mixed tone. EUR/USD and USD/JPY are barely moving. Gold is catching a safe-haven bid, up 0.6% to $3,992 — tantalizingly close to $4,000. Silver, however, is slipping 0.2% to $55.40, so the precious metals picture isn't clean. Bitcoin is also down 1.4% to $63,226, a reminder that risk-off moods hit crypto too.
The session close is going to be the one to watch. Breadth is worsening, geopolitical risk is elevated, and the weekend is coming. Buckle up. Continue reading at Forexlive.
