For decades, OPEC influenced the market by how much oil it produced. But China, the largest importer, is demonstrating its remarkable power over prices.

Oil prices climbed by more than 3% on Monday 13 July following renewed military exchanges between the US and Iran, prompting concerns over the security of global energy shipments through the Strait of Hormuz.

Stocks fall and oil prices rally, while government bond yields rise, after US and Iranian forces renewed exchanges of heavy missile and drone assaults, with Tehran saying it had again closed the vital Strait of Hormuz.

Brent crude dips slightly below $78 a barrel; most Asian stock markets bounce back

Tech futures rose overnight after Nvidia, Dell and other AI stocks bounced and SpaceX hit a new low. Oil prices kept rising on Iran news.