Oil Rockets, Tech Futures Edge Higher in Volatile Global Trade

By Dow Jones Newswires Staff

Oil hit its wartime high--and its highest level since 2022--on the prospect of renewed U.S. strikes on Iran and a months-long blockage of the Strait of Hormuz.

Brent crude contract for June delivery, which expire today, topped $120 as peace talks remain stalled and Axios reported President Trump would be briefed on a new plan for strikes on Iran.

In equity markets, U.S. tech futures edged higher following losses for Asian and Europe stocks. A slew of earnings from megacap U.S. tech firms announced after the close Wednesday met with divergent responses, as spending on the data centers and chips that power artificial intelligence rose. Alphabet shares gained sharply premarket, while Meta tumbled.

U.S. Treasury yields held near a one-month high after Jerome Powell said he would remain on the Federal Reserve's board at the end of his term as chair.

Further central bank rate decisions are due in the U.K. and eurozone Thursday. Yields on German government bonds reached their highest levels since 2011 ahead of the European Central Bank's meeting. U.S. first-quarter growth estimate and PCE inflation data for March are set for release later Thursday.

--In early European trading, Brent crude for June delivery, which expires on Thursday, rose 4.1% to $122.82 a barrel after surpassing $123 earlier, its highest level since 2022. The more active July contract was up 2.1% to $112.70 a barrel. West Texas Intermediate futures for June gained 1.6% to $108.56 a barrel. "The oil market has moved from over-optimism to the reality of the supply disruption we are seeing in the Persian Gulf," analysts at ING said.

--In the U.S., futures for the S&P 500 were down 0.2% and futures for the Dow Jones Industrial Average fell 0.6%. Meanwhile, the tech-heavy Nasdaq gained 0.15% after major tech earnings split market opinion. Alphabet shares rose close to 7% in after hours trade, while Meta Platforms fell by the same amount. Apple and Eli Lilly are among the companies reporting today.

--Asian stocks ended mixed on Thursday. Japan's Nikkei Average Index ended 1.1% lower and South Korea's Kospi was down 1.4%. Although closing lower in this session, Kospi has gained 31% in April. China's Shanghai Composite Index edged 0.1% higher. AI chip maker Cambricon jumped 20% to regain the top spot as China's priciest stock after robust 1Q results.

--Europe's blue-chip stock indexes fell at the open as industrials and banking stocks tumbled. A raft of corporate earnings also drove single stock moves. Germany's industrials-heavy DAX fell 0.9%, with automakers falling sharply after Volkswagen reported a drop in revenue over the first quarter.

In Paris, the CAC 40 fell 1.2% as Credit Agricole fell 4.7%. Renault-owner Stellantis dropped 7.4% after earnings. London's FTSE 100 was flat, as gains for oil majors countered losses elsewhere in the index. Spain's Ibex 35 tumbled 5.9% at the open as banks in the index slid, with Santander falling 2.7%. Banks also weighed on the Italian FTSE MIB, which fell 1.2%. The Europe-wide Stoxx 600 was down 0.5%.

--The dollar rose as oil prices jumped. The DXY dollar index rose 0.1% to 99.038.

--The 10-year U.S. Treasury yield stayed near a one-month high of 4.434% reached Wednesday following the Federal Reserve's policy meeting. The Fed left policy rates on hold at 3.50%-3.75%, but in a surprising vote split with four members dissenting. The two-year U.S. Treasury yield rose 0.9 basis point to 3.939% and the 10-year yield rose 1.4 basis points to 4.429%, according to Tradeweb.

Federal Reserve Chair Jerome Powell's decision to remain as a governor after his term as chair ends stops Trump from nominating a replacement who favors interest-rate cuts, Danske Bank analysts said in a note.

--Eurozone government bond yields jumped in opening trade, with the 10-year Bund yield hitting its highest level since 2011.

--Bitcoin rose 0.1% to $75,733 after falling to as low as $74,962 Wednesday.

--Gold prices rebounded, but remained on track for a weekly loss. Futures in New York rose 0.9% to $4,604 a troy ounce after settling lower in the previous session. "Dip-buying emerged after a three-day decline," said Soojin Kim from MUFG.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

April 30, 2026 04:17 ET (08:17 GMT)