Oil prices recovered on Thursday as renewed attacks on tankers in the Middle East raised concerns about supply disruptions, while gold climbed to a more than two-week high amid a weaker dollar and lower Treasury yields.
OpenAI signalled that it could pursue a public listing in 2027 as its enterprise business expands, while Micron reportedly suspended construction plans for a $4.5 billion memory-chip facility in Taiwan amid a labour dispute.
Oil prices rebound as tanker attacks raise supply concerns
Brent crude futures rose 3.97%, to $98.38 a barrel on Thursday. US West Texas Intermediate crude gained 2.89%, to $90.66.
The recovery followed a sharp decline of more than 8% in both benchmarks on Wednesday, when prices reached their lowest settlement levels since August 31.
Renewed attacks on vessels in the Gulf have added to concerns about potential supply disruptions.
The UK Maritime Trade Operations agency reported at least five vessel incidents since Sunday, with the pace approaching the elevated levels recorded in October.
The outlook for the US-Israeli war with Iran also remains uncertain.
Democratic victories in the US midterm elections have raised questions about the Trump administration’s next steps, including the possibility of an escalation after the new Congress takes office in January.
Meanwhile, Iran’s foreign minister held separate discussions with Saudi and Qatari counterparts about diplomatic efforts to promote regional stability.
Saudi Arabia also issued alerts about potential threats to its Yanbu oil export hub as Houthi attacks continued.
Eurasia Group lowered its estimate of the probability of renewed US strikes on Iran to 60% from 65%, while increasing the likelihood of a prolonged standoff.
The group said further escalation could push Brent crude into a range of $110 to $125 a barrel.
Gold rises as weaker dollar and yields support prices
Spot gold gained 1.33% to $4,113.74 an ounce, after reaching an intraday high of $4,146.63, its highest level since October 20.
The metal had already gained nearly 3.4% on Wednesday, its strongest daily increase since August 19. Prices have risen more than $250 this week after hitting a one-year low of $3,869.85 on Friday.
A weaker US dollar and lower Treasury yields supported bullion.
The dollar index was near its lowest level since September 30, while the benchmark 10-year Treasury yield hovered around a two-month low.
Investors are also assessing the potential impact of energy prices on inflation and Federal Reserve policy.
Markets are pricing in a 66% probability of a December rate hike, according to CME’s FedWatch tool.
The US non-farm payrolls report due Friday could provide further clues about the central bank’s next move. Other precious metals also advanced, with platinum rising 1.6% and palladium gaining 3.8%.
OpenAI signals potential 2027 IPO
OpenAI President and co-founder Greg Brockman indicated that the company could be ready for an initial public offering in 2027.
The comments come as the ChatGPT maker seeks to strengthen its enterprise business and compete with Anthropic, which is preparing for a potential public listing before the end of 2026.
Brockman said OpenAI’s first half of 2026 had been difficult as Anthropic gained ground in enterprise AI and coding tools.
However, the company recorded 70% quarterly growth in annualised revenue in the third quarter, with enterprise sales expanding significantly.
OpenAI has also secured around $11 billion in commitments for its latest funding round, below its original $30 billion target.
The round values the company at approximately $1.25 trillion, compared with the $1.4 trillion valuation it had initially sought.
The company is reportedly looking to raise as much as $20 billion, including from family offices and wealthy individual investors.
Micron stock falls as Taiwan project faces delay
Micron shares declined more than 13% on Thursday amid a broader selloff in AI-linked semiconductor stocks.
The decline came as investors reassessed the outlook for data centre spending following the US midterm elections.
Adding to the pressure, Micron has reportedly suspended construction plans for a $4.5 billion memory-chip facility in Taoyuan, Taiwan, according to Bloomberg.
The project, known as Fab 11E, was expected to produce DRAM and high-bandwidth memory, with operations originally scheduled to begin in 2028.
The reported suspension follows a labour dispute over employee compensation.
Workers are seeking an arrangement that would distribute 15% of the company’s global operating profits among employees, similar to profit-sharing measures at Samsung Electronics and SK Hynix.
Micron has reached an agreement with its larger Taichung union, but the separate Taoyuan union remains dissatisfied with the terms.
The company has said its existing Taiwan operations continue normally and that it remains focused on reaching an agreement with the protesting union.
Taiwan’s Ministry of Economic Affairs has said it supports the existing legal agreement and will work with local authorities to resolve the dispute.
This post Evening digest: Oil rebounds, OpenAI eyes 2027 IPO as Micron pauses Taiwan project may be modified as updates unfold
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