U.S. President Donald Trump's expectation for a deal with Iran by Thursday seems increasingly unlikely, as Iran has announced restrictions on ships transiting the Strait of Hormuz, which the U.S. has rejected. This geopolitical tension has led to a rise in oil prices, with Brent futures increasing by 3.8% to $82.49 per barrel and U.S. West Texas Intermediate up 2.8% to $77.29.
Additionally, copper prices have surged to a record high of around $6.90 per pound due to supply constraints and growing demand for electrification. In the tech sector, SpaceX shares rose after the expiration of locked-up shares, although they remain about 50% below their mid-June highs.
Conversely, SoftBank's shares fell nearly 5% despite reporting a profit beat, indicating investor concerns about its AI investments. Overall, these developments highlight the interconnectedness of geopolitical events and market reactions, particularly in the commodities and technology sectors