Oil Prices Soar to Record Highs Amid Strait Tensions
Physical oil prices have surged to record highs near $150 a barrel amid escalating tensions in the Strait of Hormuz, which remains largely closed to oil tankers, according to a United Nations report. The average price of gasoline in the U.S. has risen to $4.12 a gallon, up from $2.98 before the outbreak of hostilities, as maintenance at refineries further compounds price increases. Analysts warn that even if a ceasefire leads to the reopening of the strait, it will take several months to repair damaged infrastructure and resume shipping operations.
ASML Shares Drop on Proposed US Export Restrictions
ASML shares fell approximately 4% following a proposal by U.S. lawmakers to impose new export restrictions on sales and servicing of DUV lithography tools to China, potentially reducing the company's revenue from the country to around 20% in 2026, down from 33% in 2025. The bipartisan MATCH Act aims to cut China off from critical chipmaking tools, with analysts warning that the restrictions could weaken ASML's sales by a single-digit percentage and impact global chip supply capacity.
Vietnam Stock Market Upgraded to Secondary Emerging Status
FTSE Russell has confirmed the upgrade of Vietnam's stock market to secondary emerging market status, effective September 21, 2026, following its mid-term review on April 8, 2026. This upgrade is expected to attract significant foreign investment, enhance liquidity, and strengthen Vietnam's position in the global financial system, supported by a new legal framework established by the Ministry of Finance to facilitate foreign investor access through global securities firms.
LG Energy Solution forecasts larger than expected Q1 loss
LG Energy Solution, the South Korean battery maker, announced it expects to report a first-quarter operating loss of 208 billion won ($138.16 million) due to weak demand from electric vehicle manufacturers. This loss is larger than the 160 billion won forecast by analysts and is attributed to reduced consumer interest in EVs, with revenue anticipated to decline by 2.5% to 6.6 trillion won compared to the previous year. To mitigate the impact of declining EV battery demand, LGES is focusing on increasing its energy storage systems revenue, aiming to triple it this year.
