Oil slumps after hitting peak, stocks rise
Oil prices initially surged to a four-year high on concerns over escalating US-Iran conflict, but later slumped to trade around $110 per barrel. US and European stock markets mostly rose due to positive earnings reports from tech firms.
Oil prices hit a four-year high on Thursday due to worries about a resumption of hostilities in the Middle East, before slumping later. International benchmark Brent crude soared over 7% to $126 a barrel, then eased to trade around $110. US and European stock markets mostly rose on positive earnings reports from tech firms. Shares in Alphabet rose over 5% due to its successful pivot to artificial intelligence, while Meta slumped over 9% amid concerns about its AI spending. The European Central Bank and Bank of England held interest rates steady, but the ECB warned that risks to eurozone growth have intensified due to the Middle East war. The yen rose over 2% against the dollar after Japan's finance minister hinted at intervening to support the currency.
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