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Brent crude prices saw a late-day surge due to short-covering as investors reacted to escalating U.S.-Iran tensions over nuclear weapon development. Despite this, both Brent and WTI futures experienced weekly gains, with traders betting on higher prices amidst concerns over potential supply disruptions in the Strait of Hormuz.
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Gold prices surged over 1% as weaker U.S. GDP data and President Trump's announcement of new global tariffs fueled investor uncertainty. Despite a Supreme Court ruling against his previous tariffs, analysts predict continued volatility, supporting gold's safe-haven appeal. Economic slowdown and persistent inflation further bolster demand for the precious metal.
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Europe's STOXX 600 reached a record high, boosted by the U.S. Supreme Court's decision to strike down President Trump's tariffs. Investors welcomed the ruling, which eased trade uncertainty, while strong corporate earnings and a rebound in manufacturing also contributed to market gains. Luxury and banking sectors saw significant increases.
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