Crude Oil Up 20% This Week Pressures Markets Ahead of Alphabet Earnings
Crude oil prices have risen about 20% this week as the Strait of Hormuz remains closed by Iran and U.S. blockades persist, weighing on global equities. Alphabet’s earnings release next week will be watched closely given heightened market caution.
1. Oil Prices Jump on Strait of Hormuz Closure
Crude futures have climbed roughly 20% over the past week after Iran refused to reopen the Strait of Hormuz and U.S. naval blockades remained in place. Both main contracts gained over 1% on Friday following a 3% rise the previous session, reversing last week’s lull.
2. Equities Struggle as Alphabet Earnings Loom
Global equity markets fell Friday as investors grew cautious ahead of earnings from Alphabet and other major tech firms next week. Hong Kong, Shanghai, Sydney and Seoul indices dropped, while Tokyo and Manila saw modest gains despite rising oil pressures.