Energy Markets Spike as Iran Closes Strait of Hormuz; Intel Surges on Forecast

Global energy markets are facing extreme volatility as Iran has closed the Strait of Hormuz, a critical artery for the world's oil supply. The escalation has intensified as US forces boarded a supertanker carrying Iranian crude, contributing to the largest weekly gain for oil since the initial outbreak of the war. The closure of the Strait threatens a significant portion of global petroleum exports, creating immediate upward pressure on energy prices and heightening the risk of a broader systemic crisis in the Middle East. Traders are closely monitoring the US military response and the potential for further disruptions to maritime trade. In the technology sector, Intel provided a stark contrast to the geopolitical tension. The company's shares soared 20% in extended trading after it released a blockbuster sales forecast that smashed analyst estimates, signaling a strong recovery or expansion in semiconductor demand. On the diplomatic front, the European Union has signaled a major strategic shift regarding Ukraine. An EU official confirmed that leaders have reached an agreement to begin the first formal accession negotiations in the coming weeks and months, opening a definitive path for Ukraine to join the bloc.