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Oil prices fell sharply on Thursday, erasing all gains made during the Middle East conflict as investors grew more confident that global crude supplies would improve. U.S. crude dropped to around $69 per barrel, while Brent crude fell below $73, returning to levels seen before the war began in late February.
The decline follows the reopening of the Strait of Hormuz after the U.S. and Iran reached an agreement, allowing more than 20 oil tankers carrying approximately 35 million barrels of crude to resume transit.
U.S. stock futures moved higher on Thursday, led by technology stocks after Micron Technology delivered stronger-than-expected earnings and an upbeat revenue forecast, reinforcing optimism around continued AI-driven demand. Micron shares surged nearly 15% in after-hours trading, while Qualcomm jumped 14% after raising its long-term revenue outlook.
In Asia, markets were also mixed, with South Korea’s KOSPI and Japan’s Nikkei posting strong gains, while Hong Kong and Australia underperformed.
Investors are now focused on the release of May’s Core PCE inflation report, the Federal Reserve’s preferred inflation gauge, which is expected to show inflation accelerated compared to April. Stronger-than-expected inflation could reinforce expectations that the Fed will keep interest rates higher for longer.
Markets will also monitor several key economic releases, including final first-quarter GDP, personal income, durable goods orders, and weekly jobless claims.
Gold prices remained under pressure for a third consecutive session on Thursday, trading below the key $4,000 level and hovering near their lowest point since November 2025.
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