Oil prices climb above $113 as AI sell-off rattles stocks and investors buy bonds
European stock markets declined as oil prices surged due to regional conflict concerns and investors reacted to a sharp sell-off in AI-related tech stocks. Luxury group Kering also saw significant losses following disappointing sales data for its Gucci brand.
Why it matters
Rising energy costs and volatility in the tech sector signal potential broader economic instability and inflationary pressures for global markets.
European shares edged lower at the open on Friday as oil prices remained near five-month highs and investors weighed a sharp sell-off in AI stocks on Wall Street. Kering fell more than 10% after another drop in Gucci sales cast doubt on the luxury group’s turnaround.Oil prices continued to rise on worries about the war with Iran, with Brent crude trading at $114.73 per barrel on Friday morning, up 0.9% after a 4% jump in the previous session.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in