HONG KONG, May 6 — Oil prices dived again today on fresh hopes for an end to the Iran war, while Samsung blasted past the US$1 trillion valuation mark in an equity markets rally stoked by the AI tech boom. Investors welcomed Donald Trump’s decision to pause efforts to help stranded ships through the crucial Strait of Hormuz, which drew Iranian attacks, threatening an already fragile ceasefire. The US president, who had been quoted as warning that Iran would be “blown off the face of the Earth” if it attacked US ships, appeared to take a more conciliatory tone yesterday. “Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” he wrote in a social media post. He cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran” for the decision, adding that it came at the request of mediator Pakistan. The US blockade of Iranian ports remained, however. The announcement came hours after Secretary of State Marco Rubio said the offensive side of the US campaign, called “Operation Epic Fury”, had concluded. “The operation is over—Epic Fury—as the president notified Congress. We’re done with that stage of it,” Rubio told reporters at the White House. Pentagon chief Pete Hegseth had said the United States was “not looking for a fight”, but warned attacks would face “overwhelming and devastating” force. Oil prices sank around four per cent yesterday, and today they continued to fall as much as three per cent, with West Texas Intermediate back below US$100 (RM395) a barrel. The cheaper oil prices provided support to equities, with investors taking their cue from another record day for the S&P 500 and Nasdaq, fuelled again by tech firms. Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Bangkok, Manila and Jakarta were all up with London, Paris and Frankfurt. “Investors found some reassurance in comments from President Donald Trump ... despite ongoing disruption to shipping routes,” said Fiona Cincotta, a senior market analyst at City Index. “Investors are also finding some reassurance in the fact that the diplomatic push to resolve the conflict continues.” She added that strong US earnings were also boosting risk appetite as they had largely been in line with forecasts. However, she added: “Sentiment remains vulnerable. Even US entities could face serious headwinds should the Strait of Hormuz remain closed for an extended period.” The standout performer was Seoul’s Kospi index, which piled on more than five percent to pass 7,000 points for the first time. That came on the back of an eye-watering surge by Samsung, which rocketed 14.4 per cent to hit a market capitalisation above US$1 trillion thanks to huge demand for its AI chips. That makes it just the second Asia firm after Taiwan’s TSMC to reach the figure. Rival SK hynix soared more than 10 per cent. Samsung’s shares have risen around 300 per cent over the past year as the AI boom boosts South Korean growth. The more risk-on atmosphere also weighed on the dollar, which has been a safe haven from turmoil during the Middle East crisis. The yen continued to hold its gains after surging last week on what is thought to have been an intervention by Japanese authorities to support the struggling currency. — AFP
HONG KONG, May 6 — Oil prices dived again today on fresh hopes for an end to the Iran war, while Samsung blasted past the US$1 trillion valuation mark in an equity markets rally stoked by the AI tech boom. Investors welcomed Donald Trump’s decision to pause efforts to help strand…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.