Oil Surges, Tech Rout Deepens as US-Iran Tensions Flare
WTI crude jumped 2.6% to $81 Friday as Iran threatened Hormuz, while Nasdaq futures slid 1.5% on widening tech losses.
Global markets faced a turbulent Friday session as two converging forces — an escalating US-Iran military conflict and a broadening technology stock selloff — rattled investor confidence heading into the weekend. WTI crude oil surged 2.6% to $81.00 per barrel after Iran's Islamic Revolutionary Guard Corps reaffirmed it would block oil and gas transit through the Strait of Hormuz for as long as US strikes continue, reviving fears of a major supply disruption in one of the world's most critical energy chokepoints.
The technology rout that hammered markets Thursday showed no signs of abating. Nasdaq futures fell 1.5% and S&P 500 futures dropped 0.8% in pre-market trade, with the selloff spreading beyond AI-related firms and chipmakers to encompass broader big tech names. The damage had already reverberated across Asia overnight, where Japan's Nikkei closed down 4% and South Korea's KOSPI shed more than 6%. European indices absorbed comparatively milder losses, cushioned by their lighter exposure to technology heavyweights.
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On the currency and bond fronts, the US dollar traded mixed as 10-year Treasury yields eased 4.6 basis points to 4.525%. The Swiss franc led major currencies on the day, while the Australian dollar and British pound lagged. EUR/USD held flat near 1.1435 and USD/JPY hovered around 162.30, reflecting a cautious but not panicked mood in foreign exchange markets.
Gold edged higher, gaining 0.6% to $3,992 as the uncertain environment drew some safe-haven demand, though silver dipped 0.2% to $55.40, painting a mixed picture for precious metals overall. Bitcoin slipped 1.4% to $63,226. Analysts noted the breadth of the equity selloff widening is a key concern — suggesting this may be more than a rotation out of a single sector.
With US cash markets still to open and geopolitical uncertainty unresolved, traders braced for a volatile close to the week. Continue reading at Forexlive.
