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Oil prices edged up around 1% on Friday after the exchange of fire in the Strait of Hormuz between the United States and Iran undermined a fragile ceasefire, while negotiations continued to end the war.
International benchmark Brent crude rose to $100.9 per barrel, while U.S. benchmark WTI climbed to $95.1 as of 7:45 a.m.
Asian stocks slightly moved away from risk-on sentiment on Friday, with Japan’s Nikkei 225 declining 0.2%, while South Korea’s KOSPI added 0.1% at the close.
Hong Kong’s Hang Seng fell 0.8%, while China’s Shanghai Composite remained flat.
Futures tied to all major U.S. indices rose around 0.3%, while the pan-European STOXX 600 fell 0.8%, Germany’s DAX dropped 0.9% and the U.K.’s FTSE 100 slid 0.5%.
Türkiye’s benchmark stock index BIST 100 also opened the session flat after closing above the record 15,000-point level on Thursday.
Gold rose 0.5% to around $4,710, while silver gained 2% to $79.9 per ounce. Palladium and platinum increased 0.6% and 0.8% to $1,480 and $2,030 per ounce, respectively.
Cryptocurrencies were also pressured by the latest hostilities, with bitcoin falling 2.3% below the $80,000 mark, while ethereum declined 2.7% to $2,280.
Global markets had rallied throughout the week on expectations that the weeks-long conflict, which pushed oil prices sharply higher, could soon move toward a resolution.
However, investor sentiment weakened Thursday after reports that U.S. forces struck Iranian military targets in response to an attack on three American destroyers in the Strait of Hormuz, raising concerns over the durability of the ceasefire.
The exchange came just a day after President Donald Trump suggested that an agreement with Tehran could come soon, while Iran reviewed a one-page U.S. proposal aimed at ending the conflict and restoring maritime traffic through the strait.
Iran’s central military command, meanwhile, accused Washington of violating the ceasefire by targeting an oil tanker and another vessel.
Trump later said the ceasefire still remains in place despite the latest exchange and described recent U.S. strikes as "a love tap." He also stated that a broader agreement with Iran could come "any day," while warning Tehran of overwhelming retaliation if the truce collapses.
Iran is expected to respond to a 14-point U.S. memorandum outlining a framework for detailed nuclear negotiations.
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