Oil Surges on Hormuz Tensions After Trump Rejects Iran Proposal

Crude oil prices surged amid heightened Strait of Hormuz tensions following U.S. President Trump's rejection of Iran's peace proposal, offsetting optimism from a US-China summit. Prices initially climbed ~6% through Tuesday on Gulf attacks, then fell below $100/bbl midweek on U.S.-Iran peace talk reports before rebounding above $100 as fighting resumed. Asian equities traded mixed, buoyed by a semiconductor rally (INTC +13.96%, AMD +11.44%) despite the energy spike, U.S. yields near 5%, and $32bn yen intervention, with focus shifting to soft U.S. jobs data.