Oil prices surged after President Trump reimposed a blockade on Iranian shipping, prompting a sharp selloff in chip stocks and a decline in U.S. equities. The Dow Jones Industrial Average fell 138.37 points to 52,498.64, the S&P 500 dropped 60.05 points to 7,515.34, and the Nasdaq Composite slipped 408.43 points to 25,873.18. Preliminary NYSE data showed 1,211 advancing issues versus 1,517 declining ones.

Chipmakers led the loss: the PHLX Semiconductor Index fell 4.8%. In South Korea, SK Hynix and Samsung Electronics shares tumbled, driving the Kospi nearly 9% lower. In the U.S., Micron fell 4.4%, Intel dropped 6.1%, and Sandisk plunged 13%. Marvell, AMD, and SpaceX shares also declined.

Oil rallied after Trump’s blockade and a 20% compensation clause for safe passage through the Strait of Hormuz. Confirmed traffic fell by more than half over the weekend. Brent crude rose 9.6% to $83.30 a barrel, while U.S. gasoline and diesel futures surged amid Ukraine’s intensified air campaign against Russian refineries and renewed Hormuz tensions.