![\"Oil](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/05\/9db5880ccc14cf96f493aa23dae80382.jpeg\")
Oil prices are at their highest levels since Russia invaded Ukraine in 2022 (HUSSEIN FALEH) \u00b7 HUSSEIN FALEH\/AFP\/AFP <\/p>\n Oil prices are at their highest levels since Russia invaded Ukraine in 2022 (HUSSEIN FALEH) \u00b7 HUSSEIN FALEH\/AFP\/AFP <\/p>\n
Oil prices struck a four-year high Thursday on worries about a resumption of hostilities in the Middle East, before slumping to end the day.<\/p>\n
But key US indices hit new records while European stock markets rose on positive earnings reports from some tech firms.<\/p>\n
On Wall Street, the S&P 500 jumped 1.0 percent and the tech-heavy Nasdaq Composite Index added 0.9 percent, both reaching all-time highs.<\/p>\n
This came on the back of optimism surrounding corporate earnings and still-resilient US economic growth.<\/p>\n
“A lot of that comes down to corporate profits,” said Angelo Kourkafas of Edward Jones.<\/p>\n
He added that US GDP data “continues to defy fears of a near-term slowdown,” helping to propel stocks to new highs.<\/p>\n
The US Commerce Department estimated earlier Thursday that the world’s biggest economy grew by an annual rate of 2.0 percent in the first three months of 2026.<\/p>\n
A key factor was a surge in artificial intelligence investments, although consumer spending cooled.<\/p>\n
– Tech turbulence –<\/p>\n
International benchmark Brent crude soared to $126 a barrel, but closed 3.4 percent down eventually at $114.01.<\/p>\n
Still, this is significantly higher than its price before US-Israel strikes targeting Iran since February 28.<\/p>\n
Markets were jolted after President Donald Trump warned the US blockade of Iranian ports could last months, and by a report that he would be briefed on potential fresh military strikes.<\/p>\n
“Fears about escalation in the conflict between the US and Iran fueled the initial move higher before the market calmed down,” said XTB research director Kathleen Brooks.<\/p>\n
The expiry of monthly contracts also added to volatility.<\/p>\n
The main European stock markets closed higher, taking their cue from largely positive earnings reports from US tech companies.<\/p>\n
Shares in Google parent company Alphabet closed 10 percent up as investors lauded the company’s success in making the pivot to artificial intelligence and solid revenue across its major divisions.<\/p>\n
But shares in Meta slumped 8.6 percent amid concerns about its huge AI spending.<\/p>\n
Apple reported after the closing bell, with earnings that beat forecasts on a boost from iPhone demand. The company’s shares were up 4.7 percent in after-hours trading.<\/p>\n
Central banks remained a focus on Thursday, a day after the Federal Reserve kept interest rates unchanged as the United States faces elevated inflation triggered by the Middle East war.<\/p>\n
The European Central Bank and Bank of England also both held rates steady.<\/p>\n
But the ECB warned that risks to eurozone growth and the inflation outlook have “intensified” because of the war and its impact on global energy supplies.<\/p>\n
The Bank of England cut its forecast for UK growth.<\/p>\n
Data released Thursday showed that growth in the eurozone economy slid to 0.1 percent in the first quarter.<\/p>\n
The yen shot more than two percent higher against the dollar after Japan’s finance minister hinted strongly that Tokyo was close to intervening in the market to support the currency.<\/p>\n
– Key figures at 2130 GMT –<\/p>\n
Brent North Sea Crude: DOWN 3.4\u00a0percent to $114.01 a barrel<\/p>\n
West Texas Intermediate: DOWN 1.7\u00a0percent at $105.07 a barrel<\/p>\n
New York – Dow: UP 1.6 percent at 49,652.14 points (close)<\/p>\n
New York – S&P 500: UP 1.0 percent at 7,209.01 (close)<\/p>\n
New York – Nasdaq Composite: UP 0.9 percent at 24,892.31 (close)<\/p>\n
London – FTSE 100: UP 1.6 percent at 10,378.82 (close)<\/p>\n
Paris – CAC 40: UP 0.5 percent at 8,114.84 (close)<\/p>\n
Frankfurt – DAX: UP 1.4 percent at 24,140.59 (close)<\/p>\n
Tokyo – Nikkei 225: DOWN 1.1 percent at 59,292.38 (close)<\/p>\n
Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,776.53 (close)<\/p>\n
Shanghai – Composite: UP 0.1 percent at 4,112.16\u00a0(close)<\/p>\n
Euro\/dollar: UP at $1.1731 from $1.1695\u00a0on Wednesday<\/p>\n
Pound\/dollar: UP at $1.3602 from $1.3489<\/p>\n
Dollar\/yen: DOWN at 156.60 yen from 160.23 yen<\/p>\n
Euro\/pound: DOWN at 86.25 pence from 86.71 pence<\/p>\n
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