Oil Prices Surge Amid U.S.-Iran Tensions

Oil prices surged on Monday due to stalled negotiations between the United States and Iran, heightening concerns about disruptions in Middle East energy exports. The climb in benchmark Brent crude futures by over 2% hints at potential inflationary pressure, which has dampened expectations for rate cuts in developed markets this year.

Meanwhile, chip stocks benefited from renewed excitement surrounding artificial intelligence spending. Wall Street hit record highs, mirrored by markets in Taiwan, Tokyo, and Seoul, amid optimism about AI as major central bank meetings and tech earnings reports loom.

Currency and bond markets showed minor fluctuations, with the euro and yen seeing slight movements. Global markets remain focused on geopolitical tensions, particularly concerning the Strait of Hormuz. Tight energy supply and inflation concerns are further compounded by Goldman Sachs' increase in Brent oil price forecasts.

(With inputs from agencies.)