Middle East Conflict Drives Global Energy Markets

European and U.S. markets reacted on Friday as the U.S. granted India a 30-day waiver to buy Russian oil and considered emergency measures, including tanker insurance guarantees and a possible Strategic Petroleum Reserve release. Crude fell over 1% in Asian trade but was set for its largest weekly gain (over 15%) since February 2022 amid escalating Middle East strikes and broader geopolitical disruption to energy supplies.