Oil prices slipped below Brent$87 as a pause in U.S.‑Iran fighting held and President Trump confirmed talks with Tehran while Omani diplomats worked to reopen the Strait of Hormuz. The pause weakened risk sentiment, causing Brent to fall 2.3% to $86.31 a barrel.

Fears over AI spending and Chinese competition sparked a deeper chip selloff. The semiconductor‑heavy Kospi dropped 11%, triggering a trading halt, while Nasdaq futures fell 0.9%. U.S. chip stocks like Micron and Intel slid 4.8% and 4.3% in pre‑market trade, respectively.

Supply risks remained elevated: Saudi Arabia intercepted drone attacksordering Iranian‑backed militias, and Persian Gulf flows fell to 41% of pre‑war levels. Red Sea shipments dropped by more than 3 million barrels a day as Saudi rerouted exports through the Suez Canal and Russia cut Red Sea flows, per Goldman Sachs.

U.S. futures reflected the turmoil: the S&P 500 fell 0.2%, the Dow rose 0.2%, and Nasdaq dropped 0.9%, with chip stocks dragging indices lower.