Oil Market - Oil prices have surged, with US crude topping $80 a barrel, the highest since January 2025, following Iran's missile attack on an oil tanker [2] - International benchmark crude futures traded over $84 a barrel, with oil prices increasing approximately 20% this week [3] - Retail gasoline prices rose nearly 27 cents to $3.25 per gallon [3] Technology Sector - Cloud and software stocks experienced a rally, led by Octa, which reported adjusted earnings of $0.90 per share on $761 million in revenue, exceeding expectations [4] - The broader cloud and cybersecurity sector had its best day since April, driven by demand for AI-driven security solutions [4] - Companies like MongoDB, Intap, Salepoint, and Zcaler also saw gains as investors returned to previously beaten-down software stocks [5] International Markets - International ETFs faced pressure, particularly the South Korean ETF EWY, which closed down over 6% despite a 9% rebound in the Kospi index [6] - Higher energy prices are raising concerns for Asian economies that heavily rely on imported oil and gas [7] Chinese Tech Industry - Chinese tech giants such as Alibaba, ByteDance, and Tencent are shifting focus to domestic memory chip makers amid a global chip shortage [8] - These companies are seeking more standard chips for their data centers, which could significantly impact China's local chip industry [8]