Oil prices climbed as the U.S. confirmed a ceasefire with Iran is holding despite recent heavy fighting between the two countries. Brent crude futures approached $98 a barrel, rising throughout the week as markets lose optimism for a swift resolution to the conflict. Energy markets remain jittery amid geopolitical tensions in the Middle East.

U.S. stock futures showed mixed signals, with Dow contracts slightly negative. The enthusiasm that pushed American stocks to record highs yesterday carried over to Asian markets, lifting Japan's Nikkei 2.5%. Asian investors brushed off geopolitical concerns, focusing instead on positive market momentum from the previous session.

European markets declined after the U.S. proposed imposing at least 10% tariffs on many of its trading partners. The tariff threat overshadowed positive Asian performance, creating divergence in global market sentiment. European stocks faced pressure as investors weighed potential trade disruptions against other economic factors.