Global stock markets have fallen amid concern about the prospects for tech stocks while oil prices have risen after renewed conflict in the Middle East dampened hopes that the strait of Hormuz would soon reopen.

Stock markets in Asia and Europe fell on Monday after a sharp sell-off in US tech stocks late last week, as investors fretted over how firms at the forefront of the artificial intelligence boom would fund their “eye-watering” spending plans.

Meanwhile, Brent crude, the international benchmark for oil, rose by nearly 5% to $97.60 a barrel on Monday after Iran and Israel exchanged fire following an Israeli strike on Beirut.

In Asia, a region heavily dependent on oil imports, stock markets dropped sharply on Monday. The South…