Oil prices rose about 20% on Monday amid growing concerns that the US-Israel war on Iran could lead to prolonged disruptions to energy supplies.
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LONDON – European stock markets rebounded on Friday after opening the week’s final session in negative territory as investors continued to weigh the ongoing conflict in the Middle East and its lasting impact on growth.
pan-european Stocks 600 Stocks were up 0.2% as of 12:25 p.m. (8:25 a.m. ET) in London, with mixed conditions across major regional stock exchanges and sectors in early afternoon trading Friday.
Oil and gas, insurance and utilities all led gains, while industrial and mining stocks lagged the broader index.
Meanwhile, the pound fell against the euro and dollar on Friday after preliminary figures showed Britain’s economy slowed in January.
The pound last traded 0.53% lower at $1.327, while the euro also fell 0.33% against the dollar at $1.147.
deutsche bank Stocks pared losses after the lender disclosed a $30 billion exposure to private credit markets on Thursday. German stocks largely reflected the fortunes of the broader banking sector, which is trying to quell the fallout from the Middle East conflict. The Stoxx600 Bank Index last traded flat.
meanwhile, BE Semiconductor Shares rose 6% by early afternoon on rumors of interest in a takeover. BESI could not be reached for comment.
Energy prices remain in the spotlight after a volatile week in global markets. The United States on Friday issued a 30-day temporary exemption for sanctioned Russian crude oil being transported by sea, in a bid to allay concerns about growing supply strains and soaring prices.
brent crude oil Prices remain near the $100 level, even though the International Energy Agency announced Wednesday the release of a record 400 million barrels from emergency stockpiles. The international benchmark was last down 1.4% to $98.99.
west texas intermediateU.S. benchmark crude oil prices last fell 2.4% to $93.40 as the U.S. Department of Energy announced it would release 172 million barrels of oil from the Strategic Petroleum Reserve.
Following a spate of attacks on ships in the area this week, U.S. Treasury Secretary Scott Bessent said the United States would begin escorting ships through the critical Strait of Hormuz “as soon as militarily practicable.” U.S. Energy Secretary Chris Wright said the escort would be possible “relatively soon,” but “not right now.”
Iran’s new supreme leader Mojtaba Khamenei said late Thursday that the country would continue to block the sea route that has been effectively cut off since the outbreak of hostilities and has caused oil prices to soar.
Rising costs continued to weigh on the market, weighing on Asian stocks and lowering Japanese shares in Friday trading. Nikkei Stock Average and korean Kospi Both down.
On Wall Street, U.S. futures rose, with S&P 500 Index futures up 0.34%, Nasdaq 100 Index futures up 0.36% and Dow Jones Industrial Average futures up 0.35%.
US markets have been declining since the beginning of the week.
