Trump Rules Out Pre-Midterm Iran Strikes; Oil Climbs on Hormuz Attacks

Oil rose as attacks in the Strait of Hormuz continued, even as President Donald Trump said the US will not attack Iran before the midterm elections. Asian stocks slipped amid jitters over US technology shares, while Bahrain's borrowing costs surged to a six-year high. On the corporate front, OpenAI expects annualized revenue to reach $70 billion by the end of 2026, up from a $50 billion run rate in September, as it discusses a new funding round of more than $30 billion. The figures underscore the scale of the company's growth ambitions and the capital it is seeking to support them. France's fiscal concerns also remained in focus, with investors watching for potential credit-rating action. The mix of geopolitical tension in the Strait of Hormuz, technology-sector volatility and European fiscal risk set the tone for markets in the session.