Oil prices rise as Middle East tensions persist

After a strong day in European markets, stocks fell on Thursday as tensions between Iran and the U.S. left investors uncertain.

Dan Coatsworth of AJ Bell noted that mixed signals from both sides have left markets in limbo. The FTSE, CAC 40, and DAX all dropped, with losses extending throughout the session.

Oil prices climbed, with Brent crude up 4% to $106 a barrel and WTI crude rising to $94. Iran has sought to formalize control over the Strait of Hormuz, potentially imposing fees on ships, which could spark international backlash.

Asian markets also fell, with Tokyo, Seoul, and Hong Kong all posting losses. Gold and cryptocurrencies declined further, while the U.S. dollar strengthened against the euro and pound.