Oil prices barrelled ahead again Thursday, extending their volatile run, while global stock markets were stuck as investors assessed corporate earnings, with tech firms back under pressure.
With traders awaiting developments surrounding the Strait of Hormuz, the main oil contracts rose, Brent crude adding three percent to almost $82, while the main US contract WTI added 2.3 percent to nearly $77.
Wall Street was in cautious mode with the Dow starting off flat then dropping 0.6 percent two hours into the session.
The broader based S&P 500 was off 0.2 percent while the tech-heavy Nasdaq inched just into the green.
European main indices closed mixed with London’s FTSE 100 losing 0.2 percent while Frankfurt added 0.1 percent and Paris 0.4 percent though fresh highs proved elusive.
In Asia, tech-heavy indices were weighed down by concerns over the profitability of AI investments after disappointing earnings from US giants SanDisk and Western Digital.
A sharp decline in shares of Elon Musk’s SpaceX on Wednesday also soured the mood, after its earnings results raised worries about huge AI spending.
With the Middle East conflict still casting a shadow, Iran said Wednesday it had agreed a route with Oman for ships transiting the waterway and were adding the final touches to arrangements for jointly managing it.
Official sources briefing Iranian media said any reopening would depend on the United States fulfilling what Tehran considers a commitment to end naval blockade of Iran’s ports.