Oil prices surged after President Trump threatened military action against Iran, raising fears of renewed conflict in the Middle East and potential impacts on global inflation. International benchmark Brent crude oil briefly topped $70 a barrel, while energy company shares climbed. Meanwhile, gold and silver retreated from record highs as traders reassessed the recent rally in precious metals, with gold dropping more than five percent and silver over eight percent. Stock markets were mixed, with Meta shares soaring on strong earnings and Microsoft falling after disappointing results, as investors scrutinized the profitability of artificial intelligence investments.