Hormuz Tensions Send Oil Prices Soaring as Tech Stocks Retreat

Financial markets faced sharp volatility as Tehran's threat to close the Strait of Hormuz pushed Brent crude prices above $95 per barrel. However, main UK stock indexes edged higher, led by gains in the financial sector, as investor confidence was bolstered by hopes of potential ceasefire talks between the U.S. and Iran. In the US, the S&P 500 lost 0.2%, while tech giants like Nvidia and Microsoft remained under pressure, leading the Nasdaq-100 to decline 0.13%. These movements coincide with the Federal Reserve entering its blackout period ahead of the April 29 policy meeting. While geopolitical risks persist, the shift toward potential diplomatic engagement has introduced a layer of cautious optimism amidst the broader energy security concerns.