Oil Spikes and AI Slowdown Fears Rattle Markets as Iran War Escalates

Oil prices surged 4% overnight after Arab states cancelled a planned meeting with Iran, sending the US 10-year Treasury yield briefly above 5% for the first time since 2023. Australian share futures point to a muted open, with the ASX 200 futures down 0.02% to 8746 as markets digest the latest twist in the Strait of Hormuz crisis.

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Artificial intelligence stocks tumbled globally after Anthropic CEO Dario Amodei called for a deliberate...