US stocks hit record high on easing Middle East tensions

While tensions in the Middle East eased on Friday, US stock markets closed the week with positive figures as Nasdaq and S&P 500 hit record high.

The Dow, however, rose 1.79%, or 868.71 points, to finish at 49,447.43.

The S&P 500 gained 1.2%, or 84.78 points, to close at 7,126.06, while the Nasdaq rose 1.52%, or 365.78 points, to 24,468.48.

Stock markets saw a positive trend following the announcement that the Strait of Hormuz had been opened to commercial shipping.

US President Donald Trump announced on Thursday that Israel and Lebanon had agreed on a 10-day ceasefire.

Iranian Foreign Minister Abbas Araghchi also stated today, in line with the ceasefire in Lebanon, that the Strait of Hormuz would remain open to all commercial vessels until the end of the ceasefire period.

In a post on his social media account regarding the matter, Trump said the strait is completely open and the US naval blockade against Iran in the strait would remain in effect until the agreement is 100% finalized.

Implying that they were nearing the end of the negotiation process with Iran, Trump stated that they had already reached agreement on most of the negotiation points and hoped the deal would be finalized soon.

As concerns over supply disruptions eased, oil prices fell. The futures price for Brent crude futures fell by around 9% to around $91 as of 2040GMT.

European markets

European stocks saw positive figures, with the pan-European Stoxx Europe 600 index gained 1.56% to close at 626.58 points.

In national markets, the UK's FTSE 100 went up by 0.73% to 10,667.63, and Germany's DAX 40 soared 2.27% to 24,702.24 points.

France's CAC 40 earned 1.97% to 8,425.13, Italy's FTSE MIB 30 rose 1.75% to 48,869.43, and Spain's IBEX 35 increased 2.18% to end at 18,484.50.