US stocks post third weekly loss as energy crisis escalates

US stocks declined on Friday, marking their third consecutive weekly loss for the first time in nearly a year, as oil prices continued to rise and concerns mounted over the war in the Middle East.

The Dow Jones Industrial Average fell 0.25%, or 118 points, to close at 46,559, recording a weekly loss of about 2%.

The broader S&P 500 declined 0.61%, or 40 points, to 6,632, bringing its weekly decline to 1.60%.

Meanwhile, the Nasdaq Composite dropped 0.93%, or 206 points, to 22,105, extending its weekly loss to 1.26%.

In Europe, the STOXX Europe 600 fell 0.50% to 595 points, recording a weekly loss of 0.47%, amid weak performance in the industrial and mining sectors.

Major European indices also declined. UK's FTSE 100 fell 0.43% to 10,261. DAX dropped 0.60% to 23,447. CAC 40 declined 0.91% to 7,911.

As for Asia, Japan's Nikkei 225 closed 1.16% lower at 53,819, while the broader TOPIX fell 0.57% to 3,629.

In the oil market, Brent crude futures for May rose 2.67%, or $2.68, to $103.14 per barrel, bringing weekly gains to 11.27%.

Meanwhile, Nymex April futures climbed 3.11%, or $2.98, to $98.71 per barrel, extending weekly gains to 8.59%.

As for gold, gold April futures fell 1.25%, or $64.10, to $5,061.70 per ounce, deepening weekly losses to 1.88%.

What’s Driving Markets?

Concerns about the inflationary impact of rising oil prices intensified after Donald Trump signaled the possibility of intensifying military strikes against Iran. This comes as inflation continues to move away from the target set by the Federal Reserve, alongside downward revisions to economic growth data.