Oil prices jumped and stocks fell again after fresh US strikes against Iran that marked a new escalation in hostilities that has fuelled fears over their already fragile truce and the chances of another spike in inflation, Reuters reports.

Tech firms were once again in the crosshairs, with South Korea’s Kospi extending a painful selloff as chip titan SK hynix continued to be routed amid growing fears about the AI boom.

The latest attacks came after Iranian forces struck a commercial ship in the Strait of Hormuz — through which a fifth of global oil passes — early Sunday, before announcing the closure of the waterway.