Oil prices are higher and Asian shares have fallen, dragged lower by losses for artificial-intelligence stocks.
Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 14, 2026. A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index , SK Hynix and Samsung Electronics Co. stock price at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 14, 2026.
Two men wade in the waters of the Strait of Hormuz with vessels anchored in the background, off Bandar Abbas, Iran, Sunday, July 12, 2026. Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 14, 2026. The price of Brent crude climbed to just over $84 a barrel after soaring nearly 10% on Monday.
U.S. benchmark crude was up 1.4% at $79.20 a barrel. Oil prices are still below their wartime peak of nearly $120 a barrel, but uncertainty over the future stability of supplies deepened as the U.S. and Iran each asserted they controlled the Strait of Hormuz. Fighting in the region has kept oil tankers from using the waterway to deliver crude to customers from the Persian Gulf, driving up fuel prices worldwide.
In Asian trading, Tokyo's Nikkei 225 lost 1% to 66,574.96 and the Kospi in South Korea declined 3.2% to 6,589.37.jumped 27% in June from a year earlier as adoption of artificial intelligence drove strong demand for computer chips and other technology. Hong Kong's Hang Seng edged 0.1% higher, to 24,230.46, while in Australia, the S&P/ASX 200 shed 0.5% to 8,767.00. Chip stocks like Micron Technology helped lead the way lower.
Micron fell 4.4%, eating into what had been a stellar rise of 243.1% for the year so far. Worries are rising that stock prices have shot too high and that the demand may not be sustainable if AI doesn’t deliver as much profit and productivity as expected. Nvidia fell 3.5%. Because it’s the largest stock on Wall Street by value thanks to the euphoria around AI, it was the single heaviest weight on the S&P 500.
Much of Wall Street’s attention this week will be on profit reports from companies saying how much they earned during the spring. On Tuesday alone, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs and Wells Fargo are all releasing their latest quarterly results. Analysts are forecasting that companies in the S&P 500 index will deliver overall growth of 23.6% from a year earlier, according to FactSet.
If they’re right, it would be the second straight quarter of growth better than 20%. Companies across industries will need to deliver strong growth to justify the big moves their stock prices have made. Indexes are near records despite their sharp recent swings due to worries around AI stocks. In other dealings early Tuesday, the U.S. dollar slipped to 162.34 Japanese yen from 162.35 yen.
The euro rose to $1.1391 from $1.1381. Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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