Brent hits $85.64 as President Trump reimposes Iran ship restrictions
Global markets were all over the place on Monday after oil prices jumped again: Brent crude hit $85.64 a barrel, up 2.8% on Tuesday.
The move followed a big 9.6% spike on Monday, triggered by President Donald Trump reimposing restrictions on Iranian ships in the Strait of Hormuz.
Investors are worried this could mess with supply and push inflation higher.
Markets await Kevin Warsh, US inflation
Everyone's waiting for US inflation data and Federal Reserve Chair Kevin Warsh's testimony, which could shape upcoming interest rate decisions.
There's already a 50% chance the Fed might hike rates in July, with two-year Treasury yields rising to 4.29%.
Federal Reserve Governor Christopher Waller has said action is likely if inflation sticks around.
SK Hynix ads drop over 9%
Asian stocks saw some wild swings too, especially South Korea's Kospi index after SK Hynix's American depositary shares dropped over 9%, thanks to concerns about AI-driven gains cooling off.
Now, investors are watching earnings season and inflation reports to see where things go from here.