Iran-US conflict escalates, oil jumps

Fighting resumed in the war with Iran, with Iran launching a barrage of missiles at American forces in the Middle East, while the U.S. military partnered with Saudi Arabia to strike Tehran-backed militias in Iraq. This escalation raised worries about the global flow of oil, causing Brent Crude prices to leap over 7% to around $88 per barrel. The oil price surge, combined with uncertainty over inflation and the United States — Federal Reserve's interest rate decision, led to a broad sell-off in U.S. stock markets. The S&P 500 fell 0.7-1.5%, the Dow dropped over 1,000 points, and the Nasdaq declined. Technology stocks, particularly AI-related semiconductor companies, were hit hard due to high valuations and skepticism about AI profitability. South Korea's Kospi index tumbled 6% on top of a 10.8% drop the previous day, driven by declines in Samsung Electronics and SK Hynix. The United States — Federal Reserve kept its main interest rate steady, though three policymakers dissented in favor of a hike. Treasury yields rose, with the 10-year yield climbing to 4.68%, pushing mortgage rates to near one-year highs. The FTC, United States — Utah, and United States — California sued Hims & Hers Health over alleged sharing of sensitive health information.