WorldPosted at: Oct 24 2026 9:03PM


Crude prices surge to $116.72 per barrel amid West Asia tensions

New Delhi, Oct 24 (UNI) Oil prices surged on Friday, pushing Brent crude to its highest settlement in nearly six months as Houthi attacks in Saudi Arabia and a reported oil spill in the UAE fuelled concerns over potential supply disruptions in the West Asia.
Brent crude futures climbed $3.55, or 3.14%, to settle at $116.72 a barrel, their highest close since April 29. US West Texas Intermediate crude rose $3.80, or 3.8%, to finish at $103.27 a barrel.
Brent advanced 6% over the week, outpacing WTI’s 2.3% gain as traders weighed mounting regional risks to energy supplies.
The attacks in Saudi Arabia fuelled concerns about the security of regional energy infrastructure and the potential impact on oil flows. The UAE also reported an oil spill, adding to market concerns over supply risks in a region central to global energy markets.
The rally lifted Wall Street’s energy sector by 2.5% on Friday, taking it to a record high, even as major US stock indexes ended lower.
The Dow Jones Industrial Average fell 652.82 points, or 1.23%, to 52,215.16. The S&P 500 lost 39.75 points, or 0.52%, to 7,623.68, while the Nasdaq Composite slipped 53.52 points, or 0.21%, to 25,955.34.
For the week, the S&P 500 fell 0.5%, and the Nasdaq dropped 0.7%. The Dow, however, gained 0.4%, extending its weekly winning streak to three weeks.
The broader market decline came as investors continued to assess the outlook for technology stocks and the sustainability of heavy spending on artificial intelligence. Semiconductor shares recovered slightly, with the Philadelphia Semiconductor Index rising 0.4%, after recording its biggest daily percentage drop since June on Thursday.
The S&P 500 technology index also gained 0.4%. However, gains were uneven across major technology companies. Meta Platforms shares fell 1%, while Microsoft rose 0.7%. Alphabet and Amazon shares edged lower.
Investor concerns over the AI trade resurfaced after a report from Meta reignited questions about the returns on substantial investments in AI. The focus is now shifting to next week’s earnings reports major companies, including Alphabet, Microsoft and Amazon. Together with other large technology firms, their spending plans are expected to remain a key concern for investors.
Other corporate results also weighed on sentiment. American Express shares fell 3.7% after the company reported quarterly results. Its chief executive said the business had good momentum but needed to become a more "agile and efficient" organisation.
Telecommunications shares also declined following a report that SpaceX was in talks with cellular infrastructure companies about launching a wireless carrier programme in the United States, raising concerns about potential competition in the sector.
In the bond market, US Treasury yields rose after the benchmark 10-year yield recorded its largest one-day decline in nearly four years on Thursday. The yield on the 10-year Treasury note climbed 3.7 basis points to 4.99%, remaining just below the 5% threshold.
In Europe, shares fell for a second consecutive session, with the pan-European STOXX 600 declining 0.31% to 635.77 points. The index lost about 1.4% over the week, marking its steepest weekly decline since early September.
The euro slipped 0.21% to $1.1191, weighed down by concerns over political unrest in France and the country’s budget difficulties. French government bond yields fell on Friday but remained sharply higher for the week, while the country’s debt risk premium rose to its highest level since the euro zone sovereign debt crisis in 2011.
Investors will continue to monitor developments in the West Asia for signs of further disruption to oil production, energy infrastructure and export routes, while corporate earnings and inflation concerns are likely to shape broader market sentiment in the coming week.
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