Major stock indexes climbed on Tuesday, led by a surge in chipmaker shares, while oil prices reached a five-week high amid escalating tensions in the Iran conflict, according to livemint.com. Brent crude futures settled at $91.01 a barrel, up $1.79 or 2.0%, marking the highest close since June 10. U.S. West Texas Intermediate crude rose $1.68 or 2.0% to $84.91, the highest since June 11.
The market rally coincided with geopolitical developments, including two Saudi crude oil tankers reversing course in the Red Sea after threats from Yemen's Iran-aligned Houthis. The Japanese yen weakened 0.41% against the U.S. dollar to 163.14 per dollar, breaching the 163 mark for the first time since December 1986, prompting speculation of possible government intervention, livemint.com reported.
The rise in chipmaker stocks reflects growing investor confidence in the semiconductor sector amid global supply chain adjustments and increased demand for technology components. The oil price surge adds pressure on energy markets, with Brent and WTI reaching their highest levels in over a month. These developments highlight the interconnectedness of geopolitical events and market movements, impacting sectors from technology to energy.
Brent crude's settlement at $91.01 a barrel on July 21 represents the highest close since June 10, while the Japanese yen's drop to 163.14 per dollar marks a significant currency movement not seen since 1986, according to livemint.com.