Global oil prices surged 7.8% to $81.92 per barrel after the US and Iran claimed control of the Strait of Hormuz, disrupting oil shipments and driving up fuel costs.The ASX is expected to fall 0.1%, while Wall Street's S&P 500 dropped 0.7% and the Dow Jones fell 0.2%.Chipmakers like Micron Technology and Nvidia faced declines amid concerns about AI-driven demand sustainability.South Korea's Kospi index plummeted 8.9%, with SK Hynix's shares falling 15.4% after its US IPO.Antitrust lawsuits challenged Paramount Skydance's $110 billion bid for Warner Bros.Discovery, citing potential market dominance.Treasury yields rose to 4.62% as inflation and oil costs pressured central banks.The article highlights geopolitical tensions, market volatility, and economic uncertainties impacting global trade and investment.