Global Markets Fall, Oil Tops $100 as Iran War Tensions Rise; Nikkei Hits 60,000 Record Before Retreat

In a volatile session for global markets, stocks retreated across Europe and Asia while oil prices surged above $100 per barrel, driven by uncertainty over Iran war peace talks. Japan’s Nikkei 225 briefly crossed 60,000 for the first time, but later declined, as investors reacted to rising geopolitical tensions and stalled negotiations.

Global Markets Retreat Despite Record Highs

Shares fell across major regions after an initial rally.

• Germany’s DAX dropped 0.5% to 24,064.00
• Paris CAC 40 edged 0.2% higher
• Britain’s FTSE 100 fell 0.8% to 10,395.83

US futures also declined:

• S&P 500 futures down 0.5%
• Dow Jones Industrial Average futures down 0.6%

This came after Wall Street hit record highs a day earlier.

Nikkei 225 Hits 60,000 Before Falling

Asian markets showed mixed trends:

• Japan’s Nikkei 225 rose to 60,013.98 before falling 0.8% to 59,140.23
• South Korea’s Kospi gained 0.9% to 6,475.81, briefly crossing 6,500
• Hong Kong’s Hang Seng dropped 1% to 25,915.20
• Shanghai Composite declined 0.3% to 4,093.25
• Australia’s S&P/ASX 200 fell 0.6% to 8,793.40
• Taiwan’s Taiex slipped 0.4%
• India’s Sensex declined 1%

South Korea reported 1.7% annual economic growth for January–March, driven by strong exports, especially AI-related computer chips.

Iran War Impact Pushes Oil Above $100

Investor concerns deepened due to the Iran war, now in its eighth week, and uncertainty over peace talks.

• Brent crude rose $1.81 to $103.72 per barrel
• Earlier, it was around $70 per barrel before the war began in late February
• US crude gained $1.73 to $94.69 per barrel

Strait of Hormuz Crisis Disrupts Oil Supply

Tensions escalated further:

• Iran fired on three ships in the Strait of Hormuz on Wednesday
• The US had begun a sea blockade of Iranian ports last week
• Iran’s Revolutionary Guard seized two of the three ships

Maritime traffic through the Strait, which normally handles about one-fifth of global oil supply, remains largely halted, reducing hopes of reopening.

Analysts Warn of Market Repricing

According to ING Bank strategists Warren Patterson and Ewa Manthey:

• Markets are repricing expectations due to stalled talks
• If no progress is made, markets may become “increasingly numb to the noise and headlines”

Wall Street Records Driven by Strong Earnings

Despite global uncertainty, Wall Street saw strong gains:

• S&P 500 rose 1% to 7,137.90 (record high)
• Dow Jones Industrial Average climbed 0.7% to 49,490.03
• Nasdaq Composite jumped 1.6% to 24,657.57

Key stock movements:

• GE Vernova surged 13.7% on strong profits and AI-driven demand
• Boeing gained 5.5%
• Philip Morris International rose 7%

Currency Market Update

• US dollar rose to 159.69 Japanese yen from 159.48 yen
• Euro traded at $1.1701, down from $1.1705

The global markets decline and oil surge above $100, triggered by Iran war tensions, stalled peace talks, and Strait of Hormuz disruptions, reflect growing investor uncertainty, even as indices like Japan’s Nikkei briefly touched record highs and Wall Street posted strong gains.

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