Energy & Resources
Oil falls back below $100 as US and European stocks steady
Brent North Sea crude fell back below $100 a barrel on Friday after rising sharply the previous day, helping US and European stock markets stabilize. Brent was down 3.9 percent at $96.78 a barrel around 2020 GMT, after gaining seven percent on Thursday. West Texas Intermediate, the main US oil contract, was down 3.1 percent at $89.31 after rising more than six percent the day before.
The earlier oil surge followed strikes by Yemen's Houthi rebels on oil tankers in the Red Sea, which raised concern about a wider threat to shipping during the Middle East conflict. Markets were also weighing fresh US strikes on Iran on Friday. Giovanni Staunovo, a commodities analyst at UBS, said ships carrying Saudi crude were still crossing the Bab al-Mandeb Strait, so the situation was not a full blockade for now. A Houthi spokesman said the rebels were not blocking traffic through the strategic strait.
On Wall Street, the Dow closed up 0.5 percent at 51,947.25 and the S&P 500 rose 0.1 percent to 7,411.98. The Nasdaq Composite fell 0.6 percent to 24,975.82, with semiconductor shares under pressure again. Angelo Kourkafas of Edward Jones said markets were being affected by uncertainty over geopolitical events and questions about how the Federal Reserve would respond to the oil-price jump. He also said there was skepticism about whether strong corporate earnings this week could be sustained.
David Morrison at Trade Nation said expectations that the Federal Reserve could raise interest rates at next week's meeting had risen to 30 percent from 13 percent a week earlier. He said CME's FedWatch Tool showed a 90 percent probability of at least one 25-basis-point rate increase before the end of the year.
European markets rose, helped in part by the smaller role of technology stocks there. London's FTSE 100 closed up 0.9 percent, Paris's CAC 40 rose 0.9 percent and Frankfurt's DAX gained 1.4 percent. Asian markets fell after Thursday's Wall Street sell-off, with Tokyo's Nikkei 225 down 2.7 percent, Hong Kong's Hang Seng Index down 1.0 percent and Shanghai's Composite down 1.6 percent. Next week's calendar includes Federal Reserve decisions and quarterly results from companies including Amazon, Apple, Boeing and Ford.
Update
Brent North Sea crude was down 3.9 percent at $96.78 a barrel around 2020 GMT, and West Texas Intermediate was down 3.1 percent at $89.31.
The Dow closed up 0.5 percent, the S&P 500 up 0.1 percent and the Nasdaq down 0.6 percent.
A UBS analyst said ships carrying Saudi crude were still crossing the Bab al-Mandeb Strait, reducing the immediate risk of a tighter oil market.
A Houthi spokesman said the rebels were not blocking traffic through the strait.
Trade Nation said market expectations for a Federal Reserve rate increase at next week's meeting had risen to 30 percent from 13 percent a week earlier.
Source note: AFP news report published on 24 July 2026 at 20:28:32 UTC.
Update
Brent North Sea crude was down 5.1 percent at $95.60 a barrel around 1530 GMT.
West Texas Intermediate was down 4.4 percent at $88.13 a barrel around 1530 GMT.
The Dow and S&P 500 rose while the Nasdaq Composite was flat, after Thursday losses in US markets.
European markets closed higher, while Tokyo, Hong Kong and Shanghai closed lower.
A Houthi spokesman said the rebels were not blocking traffic through the Bab al-Mandeb Strait.
The report added details on technology-stock pressure linked to AI spending, including moves in Alphabet and Tesla shares.
The yield on 10-year US Treasuries hit an 18-month high, and a cited analyst said expectations for US rate hikes had risen.
Source note: AFP news report published on 24 July 2026 at 15:52:32 UTC.
Update
Brent and West Texas Intermediate both declined by more than two percent after sharp rises on Thursday.
European stock markets advanced while Asian markets followed the previous Wall Street sell-off.
The report adds details on pressure on technology stocks linked to artificial intelligence spending concerns.
Alphabet shares fell almost seven percent and Tesla shares fell more than 14 percent after scrutiny over capital spending.
Government bond yields rose, with the 10-year US Treasury yield reaching an 18-month high.
David Morrison at Trade Nation said expectations of a Federal Reserve rate hike next week had risen from 13 percent to 30 percent, and cited a 90 percent probability of at least one 25-basis-point hike before year-end.
The report provides market, oil and currency figures around 1330 GMT.
Source note: AFP news report published on 24 July 2026 at 13:53:00 UTC.
Uncertainty notes
The future course of Middle East strikes, shipping access, oil prices and Federal Reserve policy remains uncertain.
Source
AFP news report published on .