Oil prices spiked Thursday as Iran escalated attacks on Gulf oil facilities, raising concerns over prolonged disruptions. Brent crude briefly topped $119 a barrel before settling at $110.80, marking a 3.2% rise from the previous day.
Stock markets tumbled globally. Germany and the UK lost 2.5%, while France shed 1.9%. In contrast, U.S. losses were more modest, with the S&P 500 down 0.4%, nearing a fourth straight losing week. The Fed's cautious stance on potential rate hikes has traders concerned about inflation.
Yields on U.S. Treasuries rose, with the two-year reaching 3.81% and the 10-year at 4.26%. Tech and green stocks, like Rivian and Uber, helped mitigate broader market declines. Gold and silver prices fell sharply, while mining stocks plunged.