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Oil extended gains and Treasuries edged lower after the standoff between the US and Iran intensified, raising concern that supply disruptions will reignite inflation and strengthen the case for higher interest rates.

Brent climbed as much as 2.8% to $85.64 a barrel. The commodity had jumped 9.6% on Monday — its biggest gain since May 2020 — after President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway.

Treasuries slipped as traders saw a US interest-rate hike later this month as a coin toss, ahead of Tuesday’s US consumer price index data. Money markets priced in about 50% odds of a Federal Reserve hike in July as Governor Christopher Waller said officials may need to raise rates to tame price pressures. Gold and silver retreated.

Asian shares were mixed with MSCI’s gauge of regional equities fluctuating between small gains and losses. South Korean stocks were volatile, rising as much as 0.6% and dropping up to 2.8%. The chip sector remained in focus after SK Hynix Inc.’s American depositary shares fell 9.3% as an AI-fueled stock rout in South Korea spilled over into the US market. US equity-index futures also retreated.

The latest wave of attacks between the US and Iran dashed hopes for a near-term normalization of traffic through the Strait of Hormuz. The escalation adds another layer of uncertainty ahead of a pivotal week for markets, with earnings season kicking off alongside US inflation data and Fed Chair Kevin Warsh’s congressional testimony, both seen as key to the outlook for interest rates.

“The energy sector is once again in the limelight as the status of the Strait of Hormuz is driving price action in global markets,” said Ian Lyngen at BMO Capital Markets. “There is a growing sense that the situation is likely to get worse before it de-escalates.”
The flare-up comes as investors are increasingly questioning whether the enormous sums being poured into artificial intelligence will generate commensurate returns.An AI-fueled stock rout in South Korea on Monday spilled over into the US market, underscoring concerns that the boom has become overextended. The selloff on the Kospi index is the latest sign of how volatile the Korean market has become after the AI rally drove massive outperformance versus global peers.

“Uncertainty around the Middle East continues, but we think the AI wave is what will drive markets over the next few weeks, especially as earnings season kicks off,” said Sonu Varghese at Carson Group.

Investors are now turning their focus to US inflation data after Waller said policymakers may need to raise rates in the near term if underlying inflation continues to signal broad price pressures.

Treasury two-year yields, which are relatively sensitive to changes in Fed policy expectations, edged up one basis point to 4.29%, the highest since February 2025. The benchmark 10-year yield climbed to 4.63%, the highest since May.

The surge in short-term yields reflects growing expectations that the Fed will need to raise rates sooner to rein in price pressures from the rebound in global energy prices and signs of a resilient US economy.

In data due Tuesday, the consumer price index is expected to slow to 3.8% in the year through June, from 4.2% in May, according to a Bloomberg survey of economists. Warsh will also make his first appearance before Congress as Fed chair.

“If we get another hot reading on core inflation this week, then the FOMC will need to consider tightening monetary policy in the near term,” Waller said Monday, referring to the central bank’s rate-setting committee.

The Thailand Board of Investment (BOI) has approved seven major data center and hosting projects, highlighting the nation’s dedication to advancing its digital infrastructure.

Chaired by Deputy Prime Minister and Minister of Finance Mr. Ekniti Nitithanprapas, the decision aims to position Thailand as a premier Digital Innovation Hub within ASEAN, addressing the increasing demand for robust and reliable digital services.

These strategic investments are crucial for accelerating Thailand’s digital transformation. By building secure and high-performance data capabilities, we are fulfilling the rising demand and enabling businesses to innovate and prosper, both domestically and across the region.

Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI).

These newly approved projects collectively represent a substantial investment exceeding USD 3.1 billion (THB 96.88 billion) and signify a major leap in technological advancement for Thailand. The BOI’s Secretary General, Mr. Narit Therdsteerasukdi, emphasized that these strategic investments are crucial for accelerating Thailand’s digital transformation by building secure and high-performance data capabilities to meet rising demand and enable business innovation.

The approved projects include:

• True Internet Data Center Co., Ltd.: Three data center projects with a total investment of approximately USD 1.4 billion (THB 45.3 billion), offering a combined IT load of 223 MW, situated in Chonburi and Samut Prakan.
• GSA Data Center 05 Co., Ltd.: Two projects amounting to roughly USD 1.2 billion (THB 37.2 billion), located at WHA Eastern Seaboard Industrial Estate 5 (Rayong) and in Samut Prakan, with a combined IT load of 120 MW.
• Stellar DC Co., Ltd.: A single project totaling USD 0.3 billion (THB 8.1 billion), developed by STECON Group in collaboration with SC Zeus Data Centers (Singapore), located in Bangkok and supporting a 25 MW IT load.
• Freyr Technology (Thailand) Co., Ltd.: A Singapore-based entity investing USD 0.2 billion (THB 6.3 billion) in a data hosting project, with facilities planned for Rayong and Samut Prakan.

These approvals build upon a strong foundation from the previous year, as the BOI received a cumulative total of 36 data center projects in 2025, representing an investment value exceeding USD 23.1 billion (THB 728 billion). These facilities are distributed across key provinces including Bangkok, Chachoengsao, Chonburi, Pathum Thani, Rayong, and Samut Prakan.

The expected benefits from these data center projects are multifaceted:

• Job Creation: They are anticipated to generate numerous highly skilled jobs for Thai professionals in critical technology sectors.
• Sustainability: The sector’s focus on high-efficiency “Green Data Centers” aligns with global sustainability trends and Thailand’s commitment to responsible development.
• Economic Ecosystem: These widespread investments will foster a robust domestic supply chain, encompassing infrastructure providers, hardware manufacturers, facility management services, and a thriving ecosystem of online businesses across e-commerce, fintech, and AI.
• Digital Sovereignty: Expanding domestic data center capabilities will ensure faster data access (low latency), bolster cybersecurity, and strengthen data sovereignty, making Thailand an even more attractive destination for global digital players and solidifying its role as a true Digital Innovation Hub for ASEAN.

The newly approved data center projects are designed to facilitate Thailand’s regional leadership as a ‘Digital Innovation Hub in ASEAN’ through several key avenues beyond simply increasing computational capacity. These strategic investments, totaling over USD 3.1 billion, are deemed crucial for accelerating Thailand’s digital transformation and enabling businesses to innovate and prosper both domestically and across the region.

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