Global stock markets continued to take a hammering on Friday as oil prices rocketed in their biggest weekly gain for six years, with no sign of a swift resolution to the conflict in the Middle East. The sharp gains since the US-Israel war with Iran began on Saturday mean oil prices have risen by around 25 per cent so far this week – the biggest weekly gains since early 2020 at the height of the Covid-19 pandemic. EuropeEuropean shares posted their steepest weekly decline since April as the war in Iran showed no sign of nearing a resolution. The Stoxx Europe 600 Index was down 1 per cent by the close, extending its weekly drop to 5.6 per cent. The tech-heavy Nasdaq 100 Index fell 0.9 per cent, while the Dow Jones Industrial Average tumbled 1.2 per cent.

Source: The Irish Times March 06, 2026 21:03 UTC