Stocks Slide as Oil Prices Surge Amid Geopolitical Tensions

Global markets experienced a downturn on Thursday as stocks fell, particularly impacted by subdued U.S. equity trading. Oil prices soared due to Middle East tensions, despite strong U.S. service sector activity. Currency fluctuations and Treasury yield hikes underscored economic uncertainties.

Global markets faced a downturn on Thursday, as stocks were pressured by sluggish trading conditions in U.S. equity markets and key regions worldwide.

Meanwhile, oil prices surged amid rising geopolitical tensions from the Middle East, overshadowing otherwise strong service sector activity in the U.S. The Dow Jones, S&P 500, and Nasdaq all posted declines, while European stocks also took a hit amid weak business survey results.

In Asia-Pacific, stocks outside Japan fell by 1%, influenced by losses in Hong Kong following a robust rally, though Japan's Nikkei rose 2% following political reassurances around interest rates. Oil markets are reacting to potential disruptions from a growing conflict, contributing to a volatile economic landscape.

(With inputs from agencies.)