Overview
- U.S. stocks closed at all‑time highs Friday, with the S&P 500 up 0.8% and the Nasdaq up 1.7% after April payrolls rose by 115,000 and earnings from major tech firms impressed.
- Oil stayed volatile as Brent hovered near $100 a barrel after renewed Gulf exchanges of fire and Thursday headlines about a possible easing of restrictions that markets have not confirmed.
- The United States has proposed a gradual reopening of the Strait of Hormuz and an easing of its naval blockade on Iranian ports, and Iran is expected to reply within days through Pakistan.
- Tanker access through the Strait of Hormuz remains largely shut, which keeps a price premium on crude and strains oil importers such as India through higher fuel costs.
- Indian and Pakistani equities fell this week as higher crude prices, foreign selling, and Gulf tension pressured local markets and currencies.