Oil prices sink nearly 7% and world shares gain as Chinese chipmaker CXMT soars in Shanghai debut

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The screens show the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Monday, July 27, 2026. (AP Photo/Lee Jin-man) 2026-07-27T05:35:07Z BANGKOK (AP) — World shares were mostly higher Monday and oil prices slipped nearly 7% as the U.S. and Iran refrained from fighting while discussing a possible resumption of negotiations on an interim ceasefire deal. Shares in Chinese memory chipmaker CXMT soared 466% as they began trading on Shanghai’s technology board. The company jumped to become China’s most valuable listed company with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion). The Pentagon did not respond to questions about the pause in attacks on Iranian coastal areas and infrastructure after nearly two weeks of escalating fighting sparked by Iran’s firing at ships trying to transit the Strait of Hormuz. But markets reacted with relief. U.S. f