Market Jitters: Oil Prices Surge Amid Middle East Tensions

Global stock markets were shaken as oil prices soared above $100 due to renewed military tensions in the Middle East. European shares saw declines, although Japan's benchmark Nikkei rose by nearly 1% and U.S. stock futures showed slight gains.

The spike in oil prices, nearing $107, followed Iran's release of military footage from the Strait of Hormuz, exacerbating concerns and leading to the largest weekly oil price increase since March. The military posturing has dampened hopes for a swift conflict resolution.

U.S. President Donald Trump ordered increased naval action in response to Iran's movements, affecting market sentiment. Despite volatility, sectors like U.S. semiconductors showed strength, suggesting potential market upside amid geopolitical challenges.

(With inputs from agencies.)