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Oil prices declined on Thursday as investors awaited updates on the United States’ plan to end the Middle East conflict and reopen the Strait of Hormuz.
Crude futures extended losses after falling more than 10 percent at one point on Wednesday, driven by optimism over possible peace progress. Prices dropped by over 2 percent on Thursday, with Brent Crude slipping back below $100 per barrel.
In equity markets, Wall Street showed mixed performance, European shares declined after earlier gains, while major Asian markets mostly advanced. Tokyo’s market surged 5.6 percent following the resumption of trading after public holidays.
Analysts noted that early optimism over de-escalation in the Iran-related conflict was easing as investors reassessed the complexity of reaching a lasting agreement.
US President Donald Trump said a deal could be near following positive discussions, while Iran indicated it would relay its latest position through mediator Pakistan.
The conflict, which has disrupted global energy routes, has seen tensions centred on the Strait of Hormuz, a critical passage for global oil and gas shipments.
In currency markets, the US dollar weakened slightly as its safe-haven appeal eased while the Japanese yen remained under scrutiny.
Norway’s central bank raised its benchmark interest rate by 0.25 percentage points to 4.25 percent, citing concerns that the Middle East conflict could worsen already elevated inflation levels.
In the technology sector, strong earnings from major firms, including Apple, Alphabet, Microsoft, and Samsung, continued to fuel investor enthusiasm for artificial intelligence-related stocks.
US market indices, including the S&P 500 and Nasdaq Composite, edged higher to fresh record levels, driven partly by strong investor appetite and fears of missing out on gains.
Trade analysts warned, however, that the rapid inflow of investment into equities could heighten the risk of a sharp market correction if sentiment shifts.
Elsewhere, the Emirates Group reported a three percent rise in annual profits to $5.7 billion, despite disruptions to flight operations linked to the ongoing conflict.
At the close of trading, Brent Crude stood at $98.61 per barrel, while West Texas Intermediate fell to $92.36. European indices ended lower, while Asian markets largely posted gains.
