Oil prices are set to jump sharply when trading resumes Sunday night, as unprecedented U.S. and Israeli strikes on Iran have intensified Middle East tensions and heightened concerns over potential disruptions to global energy supplies. Prices have been supported since the start of the year by persistent geopolitical tensions. On Friday, brent futures climbed to around $73 per barrel, hitting near 8-month high, as traders reacted nervously to reports that U.S. officials left talks in Geneva disappointed with the lack of progress, even as Iranian and Omani participants struck a more optimistic tone.

Brent Set to Jump

Oil prices are set to jump sharply when trading resumes Sunday night, as unprecedented U.S. and Israeli strikes on Iran have intensified Middle East tensions and heightened concerns over potential disruptions to global energy supplies. Prices have been supported since the start of the year by persistent geopolitical tensions. On Friday, WTI crude futures climbed to around $67 per barrel, hovering near a seven-month high, as traders reacted nervously to reports that U.S. officials left talks in Geneva disappointed with the lack of progress, even as Iranian and Omani participants struck a more optimistic tone.

Oil Set to Rise Sharply

The Dow Jones Index dropped -570 points or 1.15 percent on Friday to close at 48930 points. Losses were led by American Express (-8.16%), Goldman Sachs (-7.64%) and Nvidia (-4.44%).

The Dow Jones Index Closes 1.15% Lower

Canada’s S&P/TSX Composite Index fell 0.5% to close at 34,340 on Friday, retreating from record levels as a cocktail of hot US inflation and domestic growth concerns weighed on Bay Street. While the economy expanded 0.2% in December, the broader fourth-quarter contraction of 0.6% remained a significant drag on investor confidence. The decline was primarily led by a 4.3% slump in Shopify, as software and AI infrastructure names globally faced a sharp correction following "hotter than expected" US producer price data. Financials also struggled, with Royal Bank falling 1.8% and TD Bank losing 1.7% amid fears of sticky inflation. On the upside, energy and materials provided a vital buffer as oil prices climbed and gold hit two-month peaks. Enbridge gained 1.4% and Agnico Eagle rose 1.6%, while Fairfax Financial added 0.4% on news it is the frontrunner to acquire India’s IDBI Bank. Despite the daily dip, the TSX still capped a volatile week with a 1.5% gain and a monthly advance of 7.6%.

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Brent Set to Jump

Oil Set to Rise Sharply

The Dow Jones Index Closes 1.15% Lower

TSX Falls on Friday