Oil dampens European and Japanese markets

European and Japanese stocks declined today amid pressure from rising oil prices and renewed concerns about inflation, especially given the continued lack of a permanent agreement between the United States and Iran. This has led to rising bond yields in several major countries. The European Stoxx 600 index fell by 0.2%, and the Japanese Nikkei dropped 2.5% after a five-day winning streak. Oil prices rose to around $91.41 per barrel amid deteriorating efforts to end the war between Washington and Tehran, which has decided to shift to "full-scale attacks" after negotiations failed. The U.S. also ruled out extending the temporary ceasefire, increasing market anxiety over the ongoing conflict and its impact on energy supplies. The basic materials sector came under significant pressure, with gold prices falling and U.S. Treasury yields rising. Meanwhile, European bond yields hit multi-year highs, amid fears of rising inflation driven by higher energy prices and increased government borrowing.

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