{"id":36030,"topic":"ai","source":"ABC News - Breaking News, Latest News and Videos","title":"Oil prices jump as fighting flares in the Middle East, while AI-led retreat pulls Asian stocks lower - ABC News - Breaking News, Latest News and Videos","url":"https://abcnews.com/US/wireStory/oil-prices-jump-fighting-flares-middle-east-ai-134735479","url_hash":"d9b3ffae135ca05c3a7b4e5b0ab995cd04df11a3","author":"","summary":"Oil prices jump as fighting flares in the Middle East, while AI-led retreat pulls Asian stocks lower ABC News - Breaking News, Latest News and Videos","content":"Oil prices jump as fighting flares in the Middle East\nOil prices are higher and Asian shares have fallen, dragged lower by losses for artificial-intelligence stocks\nBANGKOK -- Oil prices climbed early Tuesday as fighting intensified in the Middle East, while Asian shares declined, dragged lower by losses for artificial-intelligence stocks.\nThe price of Brent crude climbed to just over $84 a barrel after soaring nearly 10% on Monday. U.S. benchmark crude was up 1.4% at $79.20 a barrel.\nOil prices are still below their wartime peak of nearly $120 a barrel, but uncertainty over the future stability of supplies deepened as the U.S. and Iran each asserted they controlled the Strait of Hormuz.\nU.S. share futures were down 0.3% as the U.S. launched more strikes on Iran after President Donald Trump said Washington was “reinstating” a blockade on Iran in the strait.\nFighting in the region has kept oil tankers from using the waterway to deliver crude to customers from the Persian Gulf, driving up fuel prices worldwide.\nIn Asian trading, Tokyo's Nikkei 225 lost 1% to 66,574.96 and the Kospi in South Korea declined 3.2% to 6,589.37.\nThe Shanghai Composite index lost 0.8% to 3,884.32, even though the government reported that China's exports jumped 27% in June from a year earlier as adoption of artificial intelligence drove strong demand for computer chips and other technology.\nHong Kong's Hang Seng edged 0.1% higher, to 24,230.46, while in Australia, the S&P/ASX 200 shed 0.5% to 8,767.00.\nMonday on Wall Street, the S&P 500 fell 0.8%, coming off its fourth winning week in the last five. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 1.6%.\nChip stocks like Micron Technology helped lead the way lower. Micron fell 4.4%, eating into what had been a stellar rise of 243.1% for the year so far.\nWorries are rising that stock prices have shot too high and that the demand may not be sustainable if AI doesn’t deliver as much profit and productivity as expected.\nNvidia fell 3.5%. Because it’s the largest stock on Wall Street by value thanks to the euphoria around AI, it was the single heaviest weight on the S&P 500.\nMuch of Wall Street’s attention this week will be on profit reports from companies saying how much they earned during the spring. On Tuesday alone, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo are all releasing their latest quarterly results.\nAnalysts are forecasting that companies in the S&P 500 index will deliver overall growth of 23.6% from a year earlier, according to FactSet. 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The euro rose to $1.1391 from $1.1381.\n___\nAP Business Writers Matt Ott and Stan Choe contributed to this report.","image_url":"https://i.abcnewsfe.com/a/6bb3b8dd-d7c6-418e-9690-5cc45a99cefa/wirestory_6807d21c72974fbac48356f83eeebbce_16x9.jpg?w=1600","lang":"en","published_at":"2026-07-14T05:34:01+00:00","fetched_at":"2026-07-14T06:15:04+00:00","status":"read","starred":0,"extract_state":"ok","summary_auto":"Oil prices jump as fighting flares in the Middle East\nOil prices are higher and Asian shares have fallen, dragged lower by losses for artificial-intelligence stocks\nBANGKOK -- Oil prices climbed early Tuesday as fighting intensified in the Middle East, while Asian shares declined, dragged lower by losses for artificial-intelligence stocks. 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U.S. benchmark crude was up 1.4% at $79.20 a barrel.\nOil prices are still below their wartime peak of nearly $120 a barrel, but uncertainty over the future stability of supplies deepened as the U.S. and Iran each asserted they controlled the Strait of Hormuz.\nU.S. share futures were down 0.3% as the U.S. launched more strikes on Iran after President Donald Trump said Washington was “reinstating” a blockade on Iran in the strait.\nFighting in the region has kept oil tankers from using the waterway to deliver crude to customers from the Persian Gulf, driving up fuel prices worldwide.\nIn Asian trading, Tokyo's Nikkei 225 lost 1% to 66,574.96 and the Kospi in South Korea declined 3.2% to 6,589.37.\nThe Shanghai Composite index lost 0.8% to 3,884.32, even though the government reported that China's exports jumped 27% in June from a year earlier as adoption of artificial intelligence drove strong demand for computer chips and other technology.\nHong Kong's Hang Seng edged 0.1% higher, to 24,230.46, while in Australia, the S&P/ASX 200 shed 0.5% to 8,767.00.\nMonday on Wall Street, the S&P 500 fell 0.8%, coming off its fourth winning week in the last five. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 1.6%.\nChip stocks like Micron Technology helped lead the way lower. Micron fell 4.4%, eating into what had been a stellar rise of 243.1% for the year so far.\nWorries are rising that stock prices have shot too high and that the demand may not be sustainable if AI doesn’t deliver as much profit and productivity as expected.\nNvidia fell 3.5%. Because it’s the largest stock on Wall Street by value thanks to the euphoria around AI, it was the single heaviest weight on the S&P 500.\nMuch of Wall Street’s attention this week will be on profit reports from companies saying how much they earned during the spring. On Tuesday alone, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo are all releasing their latest quarterly results.\nAnalysts are forecasting that companies in the S&P 500 index will deliver overall growth of 23.6% from a year earlier, according to FactSet. If they’re right, it would be the second straight quarter of growth better than 20%.\nCompanies across industries will need to deliver strong growth to justify the big moves their stock prices have made. Indexes are near records despite their sharp recent swings due to worries around AI stocks.\nMore costly oil would push inflation higher, potentially leading the Federal Reserve and other central banks to raise interest rates. Higher rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments.\nIn other dealings early Tuesday, the U.S. dollar slipped to 162.34 Japanese yen from 162.35 yen. The euro rose to $1.1391 from $1.1381.\n___\nAP Business Writers Matt Ott and Stan Choe contributed to this report.","excerpt":"Oil prices jump as fighting flares in the Middle East\nOil prices are higher and Asian shares have fallen, dragged lower by losses for artificial-intelligence stocks\nBANGKOK -- Oil prices climbed early Tuesday as fighting intensified in the Middle East, while Asian shares declined, dragged lower by losses for artificial-intelligence stocks. 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