![\"The](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/06\/287a232f06aabf156829a63522f7b506.jpeg\")
The breakdown in the ceasefire between Iran and the United States dampens prospects of the Strait of Hormuz reopening (Sahar AL ATTAR) \u00b7 Sahar AL ATTAR\/AFP\/AFP <\/p>\n The breakdown in the ceasefire between Iran and the United States dampens prospects of the Strait of Hormuz reopening (Sahar AL ATTAR) \u00b7 Sahar AL ATTAR\/AFP\/AFP <\/p>\n
Oil prices rose on Wednesday, edging closer to $100 a barrel while stocks fell as further attacks between the United States and Iran dented hopes of an imminent peace deal.<\/p>\n
Wall Street indexes retreated and European stocks were mostly in the red, following a mixed showing in Asia.<\/p>\n
The dollar firmed as oil prices flared amid the Middle East escalations despite a supposed ceasefire, with a drone strike on a passenger terminal in Kuwait’s international airport killing one person and wounding dozens of others.<\/p>\n
“Oil prices continue to make headway after the overnight strikes on Kuwait, and once more it is hitting most markets save for technology,” said IG chief market analyst Chris Beauchamp.<\/p>\n
He said the situation was shifting from a delicate ceasefire towards something more like a low-intensity conflict.<\/p>\n
“This simply leaves the vital issue of oil supplies unresolved, and the clock continues to tick down towards doomsday for oil inventories and the global economy,” Beauchamp added.<\/p>\n
The war has hit economic growth prospects worldwide, with a more severe shock likely should no effective ceasefire be agreed before 2027, the OECD warned Wednesday.<\/p>\n
Global economic growth is forecast to slip to\u00a02.8 percent this year even if Gulf energy exports return to pre-conflict levels in the third quarter, the group of 38 industrialised countries said in its quarterly update.<\/p>\n
“The longer the disruptions last, the larger the economic and social costs become,” said OECD chief economist Stefano Scarpetta.<\/p>\n
Many countries would risk falling into recession, he noted, and a drop in investment spending — “including in energy-intensive AI” — would likely push up unemployment.<\/p>\n
AI enthusiasm has in general sustained investor sentiment, helping drive Wall Street indexes to repeated record highs in recent months.<\/p>\n
Tuesday was no exception, with US chipmaker Marvell Technology soaring 32 percent Tuesday after Nvidia CEO Jensen Huang hailed\u00a0it\u00a0as the next trillion-dollar firm.<\/p>\n
However there was a bit of profit-taking on Wednesday.<\/p>\n
“We had a huge rally, tech has been leading the way up. It’s perfectly normal and healthy to see the market consolidate after a big move up,” said Adam Sarhan of 50 Park Investments.<\/p>\n
US equity markets remained in a “very bullish environment, specifically for tech and AI”, he added.<\/p>\n
– Inflation pressures –<\/p>\n
Two pieces of data helped keep risk sentiment from souring: activity in the US services sector expanded in May and private sector employment grew by more than expected.<\/p>\n
The data comes ahead of US employment data Friday that could determine if the Federal Reserve will keep its benchmark rate stable or potentially hike borrowing costs to fight inflation.<\/p>\n
In Asia, the yen briefly strengthened amid that speculation the Japanese authorities could step in to support the currency following last month’s intervention, before giving up its gains against the dollar.<\/p>\n
That came as the Japanese cabinet approved a $19 billion supplementary budget to support households struggling with soaring everyday costs driven by the Iran war.<\/p>\n
Tokyo’s index closed up more than two percent, helped by a surge in the share price of chipmaker Tokyo Electron.<\/p>\n
Taipei was up two percent thanks to Taiwan Semiconductor Manufacturing Company’s strong advance.<\/p>\n
– Key figures at around 1530 GMT –<\/p>\n
Brent North Sea Crude: UP 1.4 percent at $97.35 a barrel<\/p>\n
West Texas Intermediate: UP 1.6 percent at $95.26 a barrel<\/p>\n
New York – DOW: DOWN 0.7 percent at 50,933.18 \u00a0points<\/p>\n
New York – S&P 500: DOWN 0.4 percent at\u00a07,578.82<\/p>\n
New York – Nasdaq Composite: DOWN 0.6 percent at\u00a026,936.33<\/p>\n
London – FTSE 100: DOWN 0.4 percent at 10,332.30 (close)<\/p>\n
Paris – CAC 40: DOWN 0.7 percent at 8,150.42 (close)<\/p>\n
Frankfurt – DAX: DOWN 1.3 percent at 24,795.94 (close)<\/p>\n
Tokyo – Nikkei 225: UP 2.5 percent at 68,402.13 (close)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 1.6 percent at 25,633.21 (close)<\/p>\n
Shanghai – Composite: UP 0.2 percent at 4,083.97 (close)<\/p>\n
Euro\/dollar: DOWN at $1.1607 from $1.1634 on Tuesday<\/p>\n
Pound\/dollar: DOWN at $1.3436 from $1.3470<\/p>\n
Dollar\/yen: UP at 159.98 yen from 159.92 yen<\/p>\n
Euro\/pound: UP at 86.40 pence from 86.37 pence<\/p>\n
burs-bcp-rl\/sbk<\/p>\n","protected":false},"excerpt":{"rendered":"The breakdown in the ceasefire between Iran and the United States dampens prospects of the Strait of Hormuz…\n","protected":false},"author":2,"featured_media":474610,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[220363,42,220364,36562,87,64178,43,6807,40,38,41,39],"class_list":["post-474609","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-chris-beauchamp","tag-headlines","tag-industrialised-countries","tag-investor-sentiment","tag-iran","tag-marvell-technology","tag-news","tag-oil-prices","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/474609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=474609"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/474609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/474610"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=474609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=474609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=474609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}