Middle East conflict drives oil price volatility and hits SpaceX, AMD

The prospect of a de‑escalation in the Middle East conflict lifted oil prices and US Treasury yields, easing inflation worries. However, Wall Street remained split: the Dow Jones rose while the Nasdaq slipped, pressured by mixed earnings from AI‑related companies. SpaceX and AMD saw their shares fall as investors questioned the financing of high‑cost data‑center projects and as SpaceX faced a looming lock‑up expiry.

The Austrian National Bank warned that continued tensions could make sharp oil‑price spikes a new normal. It cited the risk of a prolonged closure of the Strait of Hormuz, which would raise global oil prices, strain trade and push inflation higher in Austria and elsewhere.