Oil hits its highest since May as Iran attack fears and AI spending doubts sink stocks

Summary

Oil prices climbed to their highest level since May on fears that Israel and the U.S. would attack Iran, with crude reported above $113 as the selloff continued. Stocks fell at the same time: the tech-heavy Nasdaq and the S&P 500 both slid in the same session, as worries that the capital funding the AI boom might be drying up hit AI stocks, including Nvidia and Meta. Asian markets also fell sharply, dragging global markets lower. European shares fell as well, and Kering tumbled on weak Gucci sales. Investors moved into U.S. bonds for safety, rising energy prices added to inflation concerns, and France's borrowing costs stayed above 5%.

Timeline

1. NBC News

   22 Oct 2026, 15:09 UTCSource ↗

   NBC News reported that U.S. stocks sold off sharply as fears that Israel and the U.S. would attack Iran pushed oil to its highest level since May, while the tech-heavy Nasdaq slid on fears that the capital funding the AI boom might be drying up.

2. Hindustan Times

   22 Oct 2026, 17:09 UTCSource ↗

   Hindustan Times reported that AI stocks fell as oil hit a five-month high amid Iran war fears, dragging global markets lower, with Nvidia, Meta and Asian markets seeing sharp losses.

3. Euronews

   23 Oct 2026, 05:08 UTCSource ↗

   Euronews reported that oil climbed above $113 as doubts over AI spending hit tech stocks, that European shares fell and Kering tumbled on weak Gucci sales, that investors sought safety in U.S. bonds, and that France's borrowing costs remained above 5%.