Hassett, director of the White House National Economic Council, said AI companies are earning outsized profits.

Australia's S&P/ASX 200 closed down 7.10 points (-0.08%) at 8,821.60 on Monday, June 22.

Karen Young, researcher at Columbia University’s Center on Global Energy Policy, said a conflict involving Iran is exerting irreversible pressure on the oil sector and has pushed major economies to evaluate energy options outside the Middle East. "Countries are now more focused on energy security and therefore seek to diversify oil supplies and energy resources. In many regions this will mean a shift to renewables, especially in transport and electric vehicles," she said. Young warned the shift will reshape power-generation mixes and reduce the scale of gas sourced from the Middle East as countries rely more on domestic and accessible resources. "The key is not to depend on any single source, especially oil, or any single type of fuel," she added.