News in Brief
Oil prices jump as Mideast turmoil roils markets
Oil prices surged more than 3% on Monday as clashes between Israel and the Palestinian group Hamas ignited fears that a wider conflict could impact oil supply from the Middle East.
Brent crude was up $3.07, or 3.6%, to $87.65 a barrel by 1341 GMT, while US West Texas Intermediate crude was at $86.15 a barrel, up $3.36 or about 4.1%, according to Reuters.
Both benchmarks spiked by more than $4 a barrel earlier in the session.
The surge reversed last week’s downtrend — the largest weekly decline since March — in which Brent fell about 11% and WTI retreated more than 8% as a darkening macroeconomic outlook intensified concerns about global demand.
“The attack on Israel has added some additional risk premium to oil prices as the market is already extremely tight as a result of the OPEC+ output restrictions, and this could in theory squeeze supply further,” said Craig Erlam, who is a market analyst at OANDA.
Riyadh and Moscow have agreed to a combined 1.3 million barrels per day voluntary cut until the end of 2023.
China targets 50% growth in computing power in race against US
REUTERS – China aims to boost the country’s aggregate computing power by more than 50% by 2025, according to a plan released by authorities on Monday, as Beijing tightens its focus on supercomputing and artificial intelligence innovations.
The plan comes amid rising competition between China and the US in many high-tech areas ranging from semiconductors and supercomputers to AI, including US export controls on chipmaking equipment.