Mixed Global Markets as Oil Prices Rebound Amidst Strait of Hormuz Tensions

Global markets saw mixed results on Friday as Wall Street stocks retreated from their previous highs. The S&P 500 and Dow Jones Industrial Average fell 0.2% and 0.9%, respectively, while the Nasdaq composite dropped 0.1%. Oil prices rebounded slightly after a sharp increase on Thursday.

The price of Brent crude slipped 0.3% to $82.26 per barrel, while U.S. benchmark crude oil edged 0.1% lower to $77.19 per barrel. The Strait of Hormuz, a key waterway for oil supplies, remains a point of contention between Iran and Oman.

Despite concerns over the war in the region, corporate profits remain strong. Roughly 85% of companies in the S&P 500 have reported their results, with overall earnings growth shaping up to be the strongest since 2021.