Wall Street Slips as Renewed US-Iran Tensions Drive Oil Prices Higher and Hit Chipmakers

Escalating geopolitical tensions between the U.S. and Iran, including fresh strikes and the reinstatement of a blockade on Iranian ports, have caused crude oil futures to surge by approximately 5-8.5%. This has unnerved investors, leading to a decline in Wall Street indexes, with the tech-heavy Nasdaq and semiconductor stocks being particularly affected. The development revives concerns about elevated inflation and potential interest rate hikes.