Oil Prices Rally Amid Tensions, Fed Rate Hike Chances Dented

The global markets experienced a mixed bag of results on Friday, with shares in both the US and Europe declining as investors digested new data that dented expectations for a Federal Reserve rate hike next month.

The release of U.S. consumer sentiment data showed deteriorating confidence amid the rising cost of living due to the Middle East conflict, further reducing the likelihood of a Fed rate increase at its upcoming meeting.

Oil prices rallied, with Brent crude oil futures settling at $88.52 a barrel, up 1.67%, and U.S. futures finishing at $82.40, up 1.42%.

The U.S. dollar fell on the surprise drop in U.S. retail sales, supporting gold prices, which rose 0.53% to $4,374.27 an ounce.