Oil slips to $86 as US-Iran truce hopes rise; tech stocks slide on China chip advance

Brent crude fell 2.6% to $86.08 a barrel and US WTI dropped 2.0% to $81.00 after US President Donald Trump said Washington is holding talks with Tehran, raising hopes of a pause in the US-Israel conflict over Iran that could reopen the Strait of Hormuz, a route for about a fifth of global oil and LNG shipments. At the same time, tech stocks tumbled across Asia after reports that China's Shanghai Yuliangsheng began mass-producing a chipmaking tool long dominated by Dutch firm ASML, sparking worries the AI boom may lose steam. South Korea's Kospi fell nearly 11%, with SK hynix down 14.7% and Samsung over 13%; Tokyo's Nikkei lost 4% and Hong Kong's Hang Sedge slipped 0.4%. European markets rose, lifted by earnings and lower oil prices, with London's FTSE 100 up 0.5% after Unilever raised its full-year outlook.

For Nigeria, lower oil prices cut into government revenue and foreign-exchange inflows, potentially putting pressure on the naira and fuel prices. Meanwhile, a dip in global tech shares may affect Nigerian investors holding foreign tech stocks or local firms linked to the sector. Watch for any official US-Iran agreement that could stabilize oil markets, and consider diversifying investments if you hold tech-heavy portfolios.

SOURCE: https://www.channelstv.com/2026/07/28/oil-falls-further-tech-stocks-tank-on-ai-jitters/