Global markets continued to focus on Middle East tensions. Crude oil prices closed higher as traders weighed threats to shipping against the International Energy Agency's coordinated release of petroleum reserves. Aluminum prices also rose due to supply disruption concerns. Gold prices experienced a slight decline, while silver fell nearly 3%. In the US, stock indices finished lower, with the Dow Jones Industrial Average down 0.6%.

On the macroeconomic front, statements from the US administration included remarks on potentially using the Strategic Petroleum Reserve to counter oil price shocks and updates on military engagements. The US Congressional Budget Office projected a federal budget deficit of $1.9 trillion for fiscal year 2026. Internationally, the IEA announced an unprecedented emergency release of 400 million barrels of oil reserves, with individual countries like South Korea, Germany, and France detailing their contributions. Iran issued warnings that oil prices could reach $200 per barrel if threats in the Strait of Hormuz intensify.

Corporate news featured Uber signing a deal with Amazon's Zoox for autonomous taxi services. Oracle's stock rose significantly as AI trends positively impacted its finances. In commodity markets, Trafigura was set to withdraw nearly 100,000 metric tons of aluminum from LME warehouses due to Middle East supply disruptions. Tesla faced concerns over a potential third consecutive annual sales decline.

Market commentary highlighted views from major firms. A Manulife portfolio manager suggested the US dollar was the best choice in a volatile market. Morgan Stanley warned that an oil price shock could delay the Federal Reserve's next interest rate cut. Goldman Sachs executives noted the potential for "extreme" upside in US stocks. The US 10-year Treasury note auction saw weaker-than-expected results.