The Nasdaq Composite and S&P 500 were sharply lower as chipmakers’ shares continued to sell off. Meanwhile, oil prices gained after fighting between the U.S. and Iran escalated. The tech-focused Nasdaq and benchmark S&P 500 were down a respective 1.

GMT on 17 July, Brent crude futures had risen by $0.70 to $84.30/bbl, while WTI had increased by $0.16 to $79.11/bbl.

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 are climbing Monday following a weekend of attacks in the Middle East, while more losses for computer chipmakers and

Asian shares have skidded, with Tokyo’s Nikkei 225 down 5% as heavy selling of computer chipmakers and other AI-related shares drag markets lower.

China is raising gasoline and diesel prices after a sharp increase in global crude oil prices driven by renewed Middle East tensions.

By Ishaan Arora and Emily Chow SINGAPORE, July 14 (Reuters) - Oil prices rose nearly 3% on Tuesday to their highest in four weeks, as the U.S. reimposed its naval blockade of Iran while the two countries stepped up attacks in the Strait of Hormuz,