Front-month West Texas Intermediate crude rose 1.1% to $69.97 a barrel, while Brent crude gained 0.6% to $72.40. ANZ Research analysts warned that even a diplomatic breakthrough would not immediately ease market pressures, citing significant logistical hurdles including tanker backlogs and damaged infrastructure. The volatility underscores the vulnerability of global supply chains to even brief escalations in the Persian Gulf.

Equity markets mirrored this instability, particularly in the technology sector. South Korea’s Kospi dropped 2.5%, hampered by steep declines in Samsung Electronics and SK Hynix, which fell 6.5% and 4.8% respectively. This follows a period of extreme turbulence that saw the index surge 5% on Thursday before triggering two trading halts in a single week. Tickmill Group analyst Patrick Munnelly attributed the fragility to crowded semiconductor positions and high retail leverage, which have left the market hypersensitive to negative news. Japan's Nikkei 225 dipped 1.0%, though Hong Kong’s Hang Seng bucked the regional trend with a 2.2% gain.