Global financial markets fell sharply as renewed hostilities between the United States and Iran sent oil prices surging and raised fears of a wider Middle East conflict. On Friday, Brent crude climbed more than four percent to nearly $90 per barrel, after trading below $75 just a day earlier, pushing benchmark prices to multi-month highs above $87. U.S. equities retreated, with the Dow Jones Industrial Average down 0.77%, the S&P 500 off 1.01%, and the tech-heavy Nasdaq losing 1.40%, while semiconductor shares posted their steepest weekly loss in over a year. Energy stocks were the only major S&P sector to advance.

Prepared by Christopher Adams and reviewed by editorial team.