Stocks rallied after oil prices eased off their highs following a report that Iran is drafting a protocol with Oman to monitor traffic through the Strait of Hormuz, having effectively shut it down since the start of the war.
The dollar edged lower against most of its major peers as improving sentiment toward the Middle-East conflict sapped demand for the currency as a haven. Treasury futures were little changed in Asia with the cash market closed until US hours for a half day of trading.Asian markets closed Friday include Australia, New Zealand, Hong Kong, Singapore, the Philippines and Indonesia. US stock markets will be shut for a holiday for Good Friday, though the government is still scheduled to publish a slate of economic data, including the March nonfarm payrolls report
US stocks started off Thursday deep in the red after a speech from Trump late Wednesday did little to reassure investors that the war in the Middle East was nearing a swift resolution, though he has previously set a two-to-three-week timeline for ending the conflict. On Thursday, the president issued fresh threats on Iranian infrastructure in a bid to pressure Tehran in negotiations.
Oil rallied above $110 a barrel Thursday after Trump vowed an escalation in the war in Iran over the coming weeks. West Texas Intermediate surged 11%, while the global Brent benchmark settled near $109. Europe’s diesel futures benchmark climbed above $200 a barrel for the first time since 2022.
With inputs from Bloomberg
