Oil prices climbed after US President Donald Trump ramped up geopolitical tensions with threats of a military strike on Iran. “With the Middle East tinder box looking set to ignite again, oil prices have moved sharply higher, lifting shares in listed energy giants,” said Susannah Streeter, chief investment strategist at Wealth Club. Stock markets mostly rose in Asia and Europe as investors also pored over company earnings and the US Federal Reserve’s latest policy update. Frankfurt slid almost one percent in midday deals, however, dragged down by German software giant SAP. Its share price tumbled nearly 14 percent after the company warned it would see a slowdown in new cloud computing contracts this year after missing targets last year. International benchmark Brent crude oil briefly topped $70 a barrel Thursday for the first time since September with a gain of more than two percent. On stock markets, Meta jumped in after-hours trade after the US parent of Facebook and Instagram published quarterly earnings that topped expectations, as revenue grew along with investments in artificial intelligence.
Oil jumps on Trump’s Iran threat
Published on: January 30, 2026 1:56 AM