Global Markets Slip as Iran Conflict Keeps Oil Prices High
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Global stock markets experienced a downturn on Friday due to escalating concerns over the Iran conflict, which kept oil prices above $100 per barrel. U.S. futures for the S&P 500 and Dow Jones decreased by approximately 0.3%. In Europe, Britains FTSE 100 fell by 0.7% to around 10,235, while Germanys DAX and Frances CAC 40 dropped by 1% and 1.2% respectively. Asian markets saw more significant losses, with Tokyos Nikkei 225 easing by 1.2%, South Koreas Kospi tumbling by 1.7%, and Hong Kongs Hang Seng and Shanghais Composite both losing about 1%. Irans new Supreme Leader, Ayatollah Mojtaba Khamenei, vowed to continue fighting and use the Strait of Hormuz as leverage, causing fears of larger supply issues as the key waterway carries about 20% of global oil. Oil prices remained firm, with Brent crude near $101 and U.S. benchmark oil up by 0.5% at $96.23. The International Energy Agency tapped emergency reserves, but economists doubt it will calm markets amid rising inflation and costs for consumers and industries. Wall Street closed lower on Thursday, and gold and silver also dipped.
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