--- title: "Strait of Hormuz Conflict Reignites, Brent Crude Returns to $100 Mark, Gold Edges Higher, AI Trade Supports Asian Stock Rally" type: "News" locale: "en" url: "https://longbridge.com/en/news/285674455.md" description: "Global stocks pulled back due to direct US-Iran clashes, with the MSCI World Index slipping 0.3% and Asian stocks falling 1.1%; nevertheless, Asian stocks are poised to record a fifth consecutive weekly gain, the longest winning streak since January this year, while S&P 500 futures also edged up 0.2%. Brent crude rose about 1% to around $101 per barrel, and spot gold gained 0.6% to $4,714.64 per ounce" datetime: "2026-05-08T23:55:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285674455.md) - [en](https://longbridge.com/en/news/285674455.md) - [zh-HK](https://longbridge.com/zh-HK/news/285674455.md) --- # Strait of Hormuz Conflict Reignites, Brent Crude Returns to $100 Mark, Gold Edges Higher, AI Trade Supports Asian Stock Rally The record-breaking rally in global stocks this week faced headwinds on Friday’s final trading session as direct conflict erupted between US and Iranian forces in the Strait of Hormuz, reigniting market fears of energy supply disruptions and pushing Brent crude above the $100 per barrel mark. However, several analysts pointed out that investors generally view this geopolitical disturbance as a temporary fluctuation rather than a turning point that would reverse the bull market driven by enthusiasm for artificial intelligence investments. On Friday, the 8th, the MSCI World Index slipped 0.3%, and Asian stocks retreated 1.1% from record closing highs; European market futures also signaled pressure at the open. Despite this, Asian stocks are still expected to log a fifth consecutive weekly gain, marking the longest weekly winning streak since January this year. S&P 500 futures also edged up 0.2%, demonstrating some market resilience. According to Xinhua News Agency and CCTV News, citing Iranian media reports, the US military struck civilian areas and oil tankers along Iran's coast, and the Iranian armed forces subsequently launched missiles in retaliation against US military vessels. Reports indicated that three US destroyers were attacked and withdrew towards the Sea of Oman. Brent crude rose about 1% to around $101 per barrel, as traders worried that a prolonged blockade of the Strait of Hormuz would severely disrupt global oil and gas supplies. Nevertheless, oil prices still accumulated a decline of over 6% for the week, reflecting the market's basic expectation that the conflict will ultimately remain controllable. The US dollar hovered around pre-conflict levels, while the yield on the 10-year US Treasury note remained at 4.39%, rising two basis points for the week, with inflation concerns triggered by high oil prices serving as the main source of pressure. Gold edged higher to around $4,710 per ounce. Amidst intertwined uncertainties, global capital markets are undergoing a new round of risk pricing. > - The MSCI World Index slipped 0.3%, with Japan's TOPIX falling 1% during the day. South Korea's Kospi index recovered its losses. > - Euro Stoxx 50 futures fell 0.7%, while S&P 500 futures edged up 0.2%. > - The US Dollar Spot Index changed little. > - The yield on the 10-year US Treasury note remained at 4.39%, rising two basis points for the week. > - Brent crude rose about 1% to around $101 per barrel. WTI crude rose 0.9% to $95.66 per barrel. > - Spot gold rose 0.6% to $4,714.64 per ounce. > - Bitcoin fell 0.3% to $79,639.76. ## Stocks "Look Through" War, Oil Prices Hold Premium Under sustained geopolitical pressure, significant internal divergence has emerged in global capital markets. "Stocks are 'looking through' the war, while oil prices continue to maintain a war premium," said Hebe Chen, Senior Market Analyst at Vantage Global Prime in Sydney. **"This divergence tells you that the market has quietly concluded that the worst-case scenario is receding and is in the past, even if the ink isn't fully dry yet."** The core logic driving the recent continuous strength in global stocks lies in the widespread investor expectation that large-scale spending in the artificial intelligence sector will boost corporate earnings, sustaining the so-called "AI trade." Supported by this expectation, despite geopolitical volatility, the market's overall focus remains on US efforts to cool tensions, betting that de-escalation will help control energy prices and maintain overall risk appetite. Jacky Tang, Chief Investment Officer for Emerging Markets at Deutsche Bank Private Bank, stated that the trend of crude oil prices will largely depend on the duration of the Iran conflict, providing corresponding price forecast ranges for different scenarios. ![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/2354268c-402b-4e0d-94cc-7deddb41a511.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Trump Exerts Diplomatic Pressure, Negotiations on Reopening Strait Hit Impasse On the diplomatic front, the interplay among various parties is complex. Trump described the aforementioned military actions as a "light tap," while simultaneously pressuring Tehran with a tough tone, warning that the US would take more severe actions in the future if Iran did not reach an agreement soon. Trump had previously announced the "Project Freedom" aimed at assisting ships in passing through the Strait of Hormuz, but subsequently halted it abruptly. Reportedly, Saudi Arabia and Kuwait have lifted restrictions on the US military's use of local bases, which may create conditions for the Trump administration to restart the plan. However, the outlook for negotiations remains unclear. According to reports, an Iranian official stated that Iran would not accept reopening the Strait of Hormuz based on an "unrealistic proposal." Currently, Washington is awaiting Tehran's response to the proposal for reopening the strait, with tensions remaining high in both the Persian Gulf and Lebanon directions. ## Asian Stocks Rise for Five Consecutive Weeks, South Korea Leads Globally Despite the pullback on Friday, the overall performance of Asian stocks remained quite strong, poised to record a fifth consecutive weekly gain. **The Korea Composite Stock Price Index (Kospi) has become the best-performing major stock index globally so far in 2026,** as the market bets that Korean companies, as core suppliers for AI infrastructure construction, will continue to benefit from this technological wave. Goldman Sachs raised its target for South Korea's benchmark stock index to 9,000 points again in less than three weeks, citing the sustainability of profitability in semiconductor memory chips. ![Image](https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/82b1d698-9aab-4fdd-bc4e-f1b8b58bcd30.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) Yugo Tsuboi, Chief Strategist at Daiwa Securities, pointed out that the gains in multiple stock markets were "quite rapid and lacked sufficient drivers," making them prone to profit-taking once negative news emerges. "But I don't think the optimism about reaching an agreement accumulated over the past week will completely dissipate after this," he added. Jun Bei Liu, Co-founder of hedge fund Ten Cap Investment Management, stated that investors currently expect the Iran conflict or the Strait of Hormuz issue to be resolved in some form within about a month. "There may be volatility and negative news like today's in the near term, but unless the situation sees a severe new round of escalation, the market overall will tend to buy on dips," he said. ## Tariff Ruling and UK Election Pose Additional Variables In other markets, the Trump administration's 10% global tariff measure was ruled illegal by the Federal Trade Court, adding another legal setback to Trump's efforts to impose external tariffs without congressional authorization. In Europe, the British pound and UK government bonds will also become market focal points. 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