Stocks Mixed, Oil Prices Rebound as Tensions Ease Around Strait of Hormuz

Stocks worldwide were mixed on Friday after US stocks fell back in line with expectations. However, oil prices rebounded as tensions around the Strait of Hormuz eased.

The US government reported that employers unexpectedly cut 23,000 jobs last month, which could be seen as reducing upward pressure on inflation. As a result, bond yields dropped sharply, falling to 4.60% from 4.67% just before the release of the report.

In midday European trading, Germany's DAX rose 1%, while Tokyo's Nikkei 225 lost 0.1% to 65,606.71. The Kospi in South Korea dropped 0.6% to 6,258.77 and Taiwan's Taiex fell 0.4%. Brent crude prices fell 0.7% after rising nearly 4% on Thursday.

A fifth of the world's traded oil and natural gas passes through the Strait of Hormuz, which has been a major concern for global markets due to the ongoing conflict between Iran and other nations. While progress toward reopening the strait remains unclear, markets seem to be cautiously optimistic about the prospects for stable oil supplies.