Oil retreats after volatile session as markets steady
Oil prices pulled back to around $107 a barrel after a highly volatile session driven by escalating tensions in the Middle East.
Brent crude had surged as high as $119 per barrel on Thursday as attacks on oil and gas infrastructure intensified following Israel’s strike on Iran’s key gas field.
Prices eased in early Friday trading after Israeli Prime Minister Benjamin Netanyahu signalled he would pause further attacks on Iran’s gas facilities at the request of US President Donald Trump.
The pullback in oil helped stabilise markets across Asia. South Korea’s Kospi rose 0.6%, while Hong Kong’s Hang Seng slipped 0.6% and China’s Shanghai Composite edged 0.2% higher. Australia’s S&P/ASX 200 fell 0.5%, and Taiwan’s Taiex was down 0.2%, while Japan’s markets were closed for a holiday.
On Wall Street, stocks closed lower on Thursday as the energy shock continued to weigh on sentiment. The S&P 500 fell 0.27%, the Dow Jones Industrial Average dropped 0.44%, and the Nasdaq Composite declined 0.28%.
Commodity-linked stocks were among the hardest hit. Gold fell 4.94% and aluminium dropped more than 5%, dragging down mining shares. Hycroft Mining slid 12.4%, while Century Aluminum fell 10.3%.
