Oil markets surged Friday as the lack of a clear path to a U.S.–Iran peace deal rattled traders. Brent crude climbed 3% to roughly $106 a barrel, while West Texas Intermediate jumped 2.5% to about $99. The spike reflects lingering disputes over Iran’s uranium stockpile and possible transit fees for vessels navigating the Strait of Hormuz. Analysts warn the volatility could spill into other commodities as well.

The impasse also lifted equity markets worldwide. Asian indices, led by Japan’s Nikkei 225 and Taiwan’s Taiex, rose over 2%, while Europe’s Stoxx 600 gained roughly 0.5%. In the United States, S&P 500 futures pointed to a 0.3% increase ahead of the open, underscoring investor appetite for risk despite geopolitical tension. Energy producers rallied, anticipating higher cash flow from elevated oil prices.

Bond markets steadied as the 10‑year Treasury yield slipped to about 4.57%, a modest retreat from two‑decade highs that pushed mortgage rates above 6.5%. Consumer fuel costs edged lower, with national gasoline averaging $4.55 a gallon, down a cent. The mixed data show markets reacting to both war‑induced supply risks and easing financing pressures. Retailers and logistics firms are closely monitoring the price trajectory for cost planning.