Up and down we go

Oil markets remain extremely volatile, reacting sharply to conflicting signals from the White House on the war’s trajectory, with thin liquidity amplifying price swings as discretionary traders stay sidelined. Brent fell to $93 on hopes of a near‑term deal before rebounding to almost $103 as tensions resurfaced, and now trades near $101. Geopolitical risks around Iran and the Strait of Hormuz remain elevated. Equity markets have softened globally, with Europe underperforming the US due to rate‑hike expectations, tariff risks and weaker sector exposure. Eurozone data point to deteriorating demand, fading PMI momentum and rising cost pressures, reinforcing stagflation concerns.