James Gruber

There are reports, too, of air defence systems activated in Tehran.

So as you say, Gil, it's tense again.

And when you look at the oil price, it's sharply higher again, too.

Let's take a look at commodities, and it's mostly about oil again, as we mentioned.

Global oil prices jumped after reports of air defences engaging targets over Tehran.

But there's also been news of a power struggle between Iran hardliners and moderates on that Iran's top negotiator, who's a hardliner apparently, resigned overnight.

Brent crude futures settled 3.1% higher

to $105.07 a barrel.

Among other commodities, base metals were mixed.

Copper futures fell from multi-week highs, down 0.6%, as stalwart ceasefire talks weighed on prices.

Meantime, aluminium futures were up 0.5%, as investors focus on ongoing supply disruptions from the war.

Gold futures weren't so fortunate, as they dropped overnight on a stronger US dollar.

with futures settling down 0.6% to US$4,724 an ounce.

Lastly, not much news with iron ore, which left their prices flat.

Yeah, so investors were waiting for clearer signals on the US-Iran war.

And there was also a batch of mixed earnings reports, which reignited concerns about AI-driven disruption again, as was highlighted during March, the month of March, where software really got caned and it's come back since.

IBM, though, slumped 8% after revenue growth slowed in the first quarter on weakness in its software business.

The results revived concerns that the software sector's traditional business models could be upended by new AI tools.

Business software companies' service now slumped 17% after reporting results that were slowed by the Middle East war.

The S&P 500 information technology sector fell 1.5%.