Oil surges, stocks mixed as Trump dashes hopes of quick end of war

As time passes, markets are treating Trump’s statements with greater scepticism, said Dave Grecsek, managing director at Aspiriant Wealth Management.

“Initially there was a lot more weight attached to his comments, whether this was related to tariffs or what happened in Venezuela or in Iran,” he said. 

But “at some point, the markets are going to start to question the veracity of some of his statements,” he added.

London finished 0.6 per cent higher, boosted by oil companies BP and Shell rising almost three per cent. 

Paris dropped about half a per cent, even as oil giant TotalEnergies was up almost three per cent on reports it made a US$1 billion profit in March trading petroleum products.

Most markets in Europe and the United States are closed Friday for Good Friday.

Earlier in the day, Tokyo closed down more than two per cent, and Hong Kong and Shanghai also fell. 

World Bank Managing Director Paschal Donohoe said he was fearful about the global economic impact of the crisis.

“We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security,” he told AFP as the World Bank partners with the International Monetary Fund and International Energy Agency to coordinate aid responses.