The US-Iran conflict intensified after CENTCOM said it completed a new wave of strikes, while President Trump warned the US could expand attacks to include bridges and power plants. WTI settled up USD 0.26 at 79.60/bbl and Brent rose USD 0.22 to USD 84.95/bbl. ASML posted results that beat expectations, but its EUV equipment sales outlook came in slightly below consensus, weighing on semiconductor shares. US June PPI fell 0.3% month-on-month, far below expectations, reinforcing signs of easing inflation.

Veteran natural resource investor Rick Rule said surging demand from AI, data centers, electric vehicles and defense is colliding with a slow-moving copper supply pipeline, as new mines can take about 18 years to reach production. He cited the U.S. Resolution Copper project, which has spent more than a decade in permitting, as an example of how delays can constrain supply. International forecasts cited in the report point to a potential 10 million metric-ton copper shortfall by 2040, requiring about $325 billion in additional investment. Copper prices have climbed from $3.23 per pound in July 2022 to $6.20 per pound as of June 28.

The United States and Iran signed a ceasefire memorandum on June 17, agreeing to reopen shipping through the Strait of Hormuz and easing concerns over Middle East supply disruptions. Brent and WTI futures have since pulled back sharply from recent highs, and institutions have cut 2026 price forecasts, including Brent to $84.50 per barrel from $90.44. The national average gasoline price has fallen for five straight weeks to $3.91 per gallon on June 29. Trump has publicly pressed gas stations to cut prices, while the industry says refining and logistics can delay how quickly lower crude prices reach the pump.

A reported delay of OpenAI’s IPO until 2027 and Apple’s price increases tied to memory chip shortages helped trigger a global selloff in semiconductor shares. Nasdaq 100 futures fell 1.1% and S&P 500 futures dropped 0.4% as of 8:00 a.m. ET. In South Korea, Samsung Electronics and SK Hynix hit circuit breakers amid heavy losses.

Retail investors piled into SpaceX in the first week after its June 12 IPO, but the stock sank 16.4% on June 17, erasing a record $600 billion in market value. The selloff was driven by a rush to tap a narrowing bond-financing window and by looming lockup expirations, with 8–9月 potentially releasing 44% of shares, reversing retail sentiment. The report said the pressure has weighed on the broader market and warned that risk aversion could spread from SpaceX to the Memory ETF and to semiconductor and AI-linked stocks.

The US and Iran have reached an interim 60-day peace deal and the Strait of Hormuz is nominally open, but Asian refiners say they still cannot charter VLCCs at reasonable cost to move Iraqi Basrah crude. VLCC rates have climbed to WS650–750—nearly triple pre-war levels—while some shipowners are also seeking special clauses for transiting the strait. Indian Oil has issued force majeure for June 22–23 cargoes, underscoring that easing geopolitical tensions has not translated into smoother near-term supply.

SpaceX (SPCX) options drew nearly 1 million contracts on their first trading day, ranking fifth across the market and eclipsing many blue-chip names. Trading featured heavy buying of out-of-the-money calls in July and September, alongside collar positions tied to hedging around the lockup period. SPCX moved within a 15% intraday range and finished up 5%, while 2x leveraged ETFs saw more than $3B in one-day volume, including SPCH at $1.3B for what was described as the second-highest day in ETF history. The activity centered on trading mechanics and positioning rather than any shift in fundamentals.

Lead times for power transformers in the U.S. have climbed to 128 weeks, or nearly 2.5 years, with generator step-up transformers stretching to 144 weeks. Prices are up 77% from 2019 as demand rises faster than supply. The surge is being fueled by AI data center buildouts, industrial electrification and grid modernization, while copper and grain-oriented electrical steel remain critical inputs. Copper prices have risen more than 50% since 2020, tightening supply chains and making procurement more rigid.