Evening digest: US-Iran tensions rise, SK Hynix eyes record US IPO

US-Iran tensions escalated for a second straight day as fresh military strikes threatened the fragile ceasefire and disrupted shipping through the Strait of Hormuz.

SK Hynix moved closer to its record US listing with plans to price its American depositary receipts at $149 each.

Oil prices fell as demand concerns offset supply risks from the Middle East conflict.

Gold rebounded more than 1% as investors bought the recent dip while monitoring geopolitical developments and Federal Reserve policy.

US-Iran tensions escalate as Hormuz disruptions continue

The United States and Iran exchanged fresh military strikes for a second consecutive day, raising concerns that the conflict could return to full-scale war despite an interim peace agreement reached about three weeks ago.

US Central Command said about 90 targets were struck overnight after 80 were hit the previous day to further weaken Iran's ability to attack commercial shipping in the Strait of Hormuz.

Iran reported strikes near a nuclear power plant and railway bridges linking Tehran to Mashhad.

Tehran responded by targeting US bases in Bahrain, Kuwait and Qatar, according to Iranian media, while Jordan said it intercepted eight missiles launched by Iran.

US President Donald Trump warned of further retaliation.

"Every time they hit us, we'll hit them 20," Trump told reporters aboard Air Force One.

SK Hynix targets record US listing

SK Hynix plans to price its US listing at $149 per American depositary receipt, reported Bloomberg, citing people familiar with the matter.

At that price, the offering would raise about $26.5 billion, making it the largest first-time US share sale by a foreign company, surpassing Alibaba's $25 billion IPO.

Each ADR represents one-tenth of a common share and is priced about 3.1% above Thursday's closing price in Seoul.

The Bloomberg report said the offering of 177.9 million ADRs is more than seven times oversubscribed, attracting interest from long-only funds, technology-focused investors, sovereign wealth funds and Asia-focused institutional investors.

The ADRs are expected to begin when-issued trading on Friday on Nasdaq under the symbol SKHYV, before switching to SKHY for regular trading on July 13.

Oil prices fall as demand concerns outweigh supply risks

Oil prices declined by more than 2% on Thursday as investors weighed concerns over slowing economic growth and inflation against ongoing supply disruptions linked to the US-Iran conflict.

Brent crude fell 2.8% to $75.78 a barrel, while West Texas Intermediate dropped 2.7% to $71.53.

Although fighting has delayed the full reopening of the Strait of Hormuz, analysts said concerns about future demand limited gains.

Goldman Sachs estimated that oil flows through the Persian Gulf had recovered to above 80% of pre-war levels shortly after the waterway reopened but slipped back into the low-70% range following renewed attacks.

Macquarie said it expects the latest Middle East tensions to remain relatively short-lived because of economic and political constraints facing both countries.

Gold rebounds on bargain buying

Gold prices climbed more than 1% after falling to a one-week low in the previous session.

Spot gold rose 1.1% to $4,123.96 an ounce, while US gold futures settled 1.2% higher at $4,135.

Investors also remained focused on Federal Reserve policy and geopolitical risks in the Middle East.

Minutes from the Fed's June meeting showed policymakers remained concerned about inflation, while traders currently see about a 62% chance of a rate hike in September, according to the CME FedWatch Tool.

HSBC lowered its average gold price forecasts for 2026 and 2027 to $4,560 and $4,925, respectively.

Meanwhile, other precious metals also advanced, with silver rising 3.4%, platinum gaining 2.3% and palladium adding 3.3%.