Oil climbs on renewed Hormuz hostilities
Brent crude rose above $92 per barrel on Wednesday as the U.S. launched fresh military strikes against Iranian missile sites and reinstated a naval blockade of Iranian ports. The Strait of Hormuz, through which roughly 20% of global oil passes, remains a flashpoint after Trump abruptly reversed a plan to charge tolls on cargo ships. Analysts at CNBC warned that the conflict could drive oil prices higher if Iran follows through on threats to halt regional energy exports.
China economy slows, stimulus calls grow
China's economy grew at 4.3% in the second quarter, marking its slowest expansion since 2022 and missing expectations. Retail sales and industrial output both weakened, while the property sector continued to drag. The data has intensified calls for Beijing to roll out additional stimulus measures, though policymakers have so far signaled restraint. The slowdown adds to global economic uncertainty as the Iran conflict disrupts trade routes and energy markets.
ASML raises forecast as AI chip boom continues
Dutch semiconductor equipment maker ASML raised its full-year sales forecast for the second time in 2026, citing stronger-than-expected demand from AI chipmakers. The company's order backlog grew as manufacturers rushed to expand capacity for advanced chips. ASML shares rose 4% on the news, lifting the broader tech sector. Separately, SK Hynix shares jumped 8% in Seoul after its U.S. depositary receipts began trading on the Nasdaq.