Oil Prices Surge Amid Rising Global Tensions

Global stock markets faced declines and oil prices remained elevated on Friday, driven by the ongoing conflict involving Iran, which is causing significant disruptions in energy supplies. The resulting uncertainty is intensifying fears about fuel inflation and interest rate hikes.

Oil prices stayed around $100 per barrel, a significant increase from two weeks ago when the U.S. and Israel launched military action in Iran. The surge in prices persisted even as an Indian tanker exited the Strait of Hormuz and the U.S. attempted to ease supply concerns.

Stock performances reflected global unease, with notable drops in the S&P 500 and Nasdaq Composite, while the Dow Jones experienced its largest monthly losses since December 2024. Meanwhile, European stocks followed suit, with the STOXX 600 and MSCI's global stock gauge both experiencing declines.