Oil falls a fourth straight day as Asian chip stocks sink
Oil prices fell for a fourth straight day early Thursday. Brent crude was down about 1% at around $94 a barrel and U.S. crude around $87, after both dropped more than 8% on Wednesday, as investors weighed a possible easing of the war with Iran and shipments through the Strait of Hormuz were resuming, according to AP and a Reuters-based market report. In Asia, AI-related chip stocks sank: Samsung Electronics fell 5.7% and SK Hynix 7.4%, pulling South Korea's Kospi down more than 3%, while Hong Kong's Hang Seng rose 2.8%, AP reports. AP says investors are also worried AI-related share prices may have climbed too high.
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Why it matters
Oil prices are falling as investors weigh a possible easing of the Iran war and shipments through the Strait of Hormuz are resuming. Big drops in Samsung and SK Hynix shares hit investors holding AI and chip stocks, while Hong Kong and Australian stocks rose.
Sources
- AP via WSLS: World shares mostly gain after US midterm elections as AI-related stocks sink
- VOCM (citing Reuters): Oil prices fall for fourth straight day as Iran war escalation concerns ease
- Gulf News: Crude slides toward $93 as Trump rules out immediate Iran strikes
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