Brent Crude Hits $108 as Markets Reel from Iran Conflict

Global stock markets continued their downward spiral on Friday as geopolitical tensions in the Middle East drove oil prices to new highs. The S&P 500 and Dow Jones Industrial Average each fell by 0.7%, while the Nasdaq Composite dropped 1.1%. The declines mark the fifth consecutive week of losses for the S&P 500, its longest losing streak in nearly four years. Over the past month, the Nasdaq has fallen by 11%, confirming a correction. Brent crude oil prices surged to $108 a barrel, up 50% over the past 19 trading sessions, as the Strait of Hormuz remains closed due to the conflict. U.S. President Donald Trump extended his deadline for military action against Iran by 10 days, citing ongoing negotiations, though Iran has dismissed the U.S. proposal as "one-sided and unfair." Investors remain wary, with consumer confidence declining and bond yields rising. Tech stocks, including Meta Platforms and Amazon, led the declines, while energy and utility sectors saw gains. Analysts warn that the market volatility may persist until a resolution to the conflict is reached.