Stocks Jump as Oil Drops Below $100; Trump Launches Tariff Blitz
Stock markets rose on Friday as Brent crude oil fell 4.1% to $96.63 per barrel, retreating from two-month highs after Houthi attacks on Saudi tankers had pushed prices to $100. The attacks prompted US President Donald Trump to threaten Iran with 'major military punishment,' holding Tehran responsible for the militia's actions. The US continued airstrikes on Iran for a 12th consecutive night. Meanwhile, Trump imposed a new wave of tariffs on 60 trading partners, including the UK, China, and the EU, with duties ranging from 10% to 12.5%, replacing a previous blanket 10% tariff. The Supreme Court had ruled many earlier tariffs illegal. In the UK, retail sales rose 1% in warm weather, boosting high street prospects, though rising oil prices threaten cost-of-living relief efforts by Mayor Andy Burnham.
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