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Oil prices rebounded sharply on Thursday while equities mostly moved lower after fresh U.S. strikes on Iran rattled already fragile ceasefire hopes in the Middle East.
International benchmark Brent crude climbed over 2% to $91.6 per barrel, while U.S. benchmark WTI rose to $97.2 as of 6 a.m. GMT, recovering much of the previous session’s losses as markets pulled back from earlier optimism over a possible deal to end the conflict around the Strait of Hormuz.
Asian markets slipped during Thursday trading. Japan’s Nikkei 225 dropped 0.6%, South Korea’s Kospi lost 1.7%, and Hong Kong’s Hang Seng index fell 1.5%. China’s Shanghai Composite, however, edged up 0.2%.
Futures linked to the pan-European Stoxx 50 index traded 0.7% lower, while futures for major U.S. stock indexes also pointed downward.
Precious metals also came under pressure. Gold fell 1.5% to $4,390 per ounce, while silver dropped 2% to $73. Palladium and platinum declined 1.7% and 2%, settling at $1,360 and $1,880 per ounce, respectively.
Cryptocurrency markets posted the steepest losses during the session. Bitcoin slid 3.6% to $72,900, while Ethereum tumbled 4.9% to $1,980. The total cryptocurrency market capitalization shrank 3.4% to below $2.5 trillion.
The market reaction followed another round of U.S. strikes in southern Iran late Wednesday. Tehran responded hours later by targeting an American airbase in Kuwait, further raising tensions around the Strait of Hormuz.
The escalation came days after earlier U.S. attacks on missile launch sites and Iranian boats that Washington claimed were attempting to place mines near the strategic waterway. U.S. Central Command described those operations as defensive measures.
Iranian state media reported that Iranian forces had fired at four ships in the strait, while Kuwaiti authorities said air defense systems were responding to incoming missile and drone attacks.
Despite the renewed clashes, an Iranian official reportedly indicated that a broader conflict with the U.S. remained unlikely. Meanwhile, U.S. President Donald Trump warned that Washington would "finish the job" if a peace agreement failed to materialize.
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