Saturday's overnight global headlines you need to know: Uncertainty in the Middle East pushes oil prices higher again, with U.S. crude surging over 5%, U.S. stocks sell off further, and gold prices rebound.

Transferred from: Financial Associated Press

[What You Need to Know Overnight on Saturday: Uncertainty in the Middle East Pushes Oil Prices Higher Again, U.S. Oil Surges Over 5%, U.S. Stock Sell-off Intensifies, Gold Prices Rebound] Middle East Situation 1. U.S. presidential envoy Weitkov said that talks with Iran are expected to take place this week. Weitkov also mentioned that a response from Iran regarding the 15-point ceasefire proposal from the U.S. is expected soon. 2. U.S. Secretary of State Rubio stated on the 27th that military actions against Iran are expected to conclude in a timely manner, “we’re talking weeks, not months.” He also indicated that achieving the objectives against Iran does not require the deployment of ground troops. 3. The Israel Defense Forces confirmed on the evening of the 27th that they conducted airstrikes on Iran’s heavy water reactor in Arak and a uranium enrichment facility in Yazd province, stating that they will continue to weaken Iran’s “nuclear weapons program.” 4. Following the attacks on Iranian steel mills by the U.S. and Israel, Iran has added six steel mills within Israel and relevant industrial facilities in five neighboring countries as new targets for retaliation. 5. The Iranian Atomic Energy Organization stated that there were no radioactive leaks from the U.S.-Israeli attack on the “yellowcake” production facility. 6. A spokesman for the Iranian armed forces stated that Iran is formulating conditions for the end of the war. Iran possesses strong forces and advantages on the battlefield, capable of determining the final outcome of the war, and the U.S. and Israel will be “forced” to accept this reality. 7. Iranian Islamic Parliament Speaker Ghalibaf stated that the U.S. is spreading a large amount of false information to suppress oil prices, leading the market to become numb to it, “no one believes it anymore.” 8. A U.S. Department of Defense official revealed that over 300 U.S. soldiers have been injured since the operations against Iran began. Among these injured, more than 75% have suffered traumatic brain injuries. 9. Ibrahim Rezaei, spokesperson for the Iranian Parliament’s National Security and Foreign Policy Commission, stated that Iran is considering withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons. 10. Yahya, a spokesman for the Houthi armed forces in Yemen, stated that if the situation in Iran escalates further, or if new military actions occur and related maritime areas are used for military purposes, the Houthis reserve the right to take action. 11. Ali Bakrini, Iran’s permanent representative to the United Nations Office in Geneva, announced that at the request of the United Nations, Iran has decided to promote and further accelerate the safe passage of humanitarian vessels in the Strait of Hormuz. Global Markets 1. As traders expect the conflict in the Middle East to continue and further disrupt the energy market, international oil prices surged again, with WTI May crude oil futures settling at $99.64 per barrel, up 5.46%; Brent May crude oil futures settled at $112.57 per barrel, up 4.22%. 2. Following a recent price drop, international precious metals rebounded driven by accelerated buying on dips, with spot gold closing up 2.59% at $4494.1 per ounce; spot silver rose 2.47% to $69.78 per ounce. 3. Most industrial metals on the London Metal Exchange (LME) closed higher on Friday, despite ongoing turmoil from the Middle East war, but driven by signs of demand recovery, copper prices recorded the first weekly increase this month. At market close, LME copper was up 0.4% at $12,195 per ton; LME aluminum was up 0.8% at $3,296 per ton; LME tin was up 3.8% at $45,788 per ton. 4. The dollar against the yen briefly rose 0.4% to 160.41, the highest since 2024, increasing the risk of intervention by Japanese authorities. 5. The three major U.S. stock indexes collectively closed lower, with the Nasdaq down 2.15%, a total decline of 3.23% for the week; the S&P 500 index fell 1.67%, totaling a 2.12% drop for the week, marking its fifth consecutive week of decline, the longest losing streak since 2022; the Dow fell 1.72%, with a total drop of 0.9% for the week. Technology stocks broadly declined, with Meta and Amazon each down about 4%. 6. Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 1.9%, NIO down over 4%, Xpeng Motors, Bawang Chaji, Trip.com, and iQIYI each down over 3%, Alibaba down over 2%. 7. The Hang Seng Index main contract closed down 0.89%, at 24,630 points. The Hang Seng Tech Index main contract closed down 1.62%, at 4,683 points. FTSE China A50 index futures closed down 0.94%, at 14,479 points. 8. The Stoxx Europe 600 index closed down 1%, narrowing its slight gains for the week. This benchmark index is expected to see a decline of 9.2% this month, marking the largest monthly drop since the COVID-19 pandemic impacted the global economy in 2020. Global News 1. During a call between U.S. President Trump and Indian Prime Minister Modi regarding the situation in the Middle East, Musk also participated. Analysts believe this indicates a thaw in the relationship between Musk and Trump. 2. “Dr. Doom” Rubini stated that the probability of the U.S. escalating the war with Iran exceeds 50%, and the newly appointed Federal Reserve Chair cannot afford to ruin their reputation at the beginning of their term, so they may have no choice but to raise interest rates. 3. Trump asserts that the ongoing “shutdown” of the Department of Homeland Security for more than 40 days constitutes an “emergency threatening national security,” and he will issue pay and benefits to airport security personnel who have not received wages since February. 4. The International Civil Aviation Organization issued new regulations on the 27th, stating that each civil aviation passenger may carry a maximum of two power banks and may not charge power banks during the flight. 5. The Chief Investment Officer of Guggenheim stated that if oil prices remain high for several months, the U.S. stock market could decline by as much as 10%, and the retail-driven “buying on dips” that has supported the market in recent years may be affected. 6. Fitch confirmed Switzerland’s rating at AAA, with a stable outlook; confirmed Denmark’s rating at AAA, with a stable outlook; confirmed Tanzania’s rating at B+, with a stable outlook; confirmed Bulgaria’s rating at BBB+, with a stable outlook.

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