Brent fell below $102 for a fourth session as diplomatic efforts raised hopes for improved Middle East energy flows. A sustained move below $100 could ease inflation and bond yields, while renewed disruptions could revive stagflation concerns.

The stronger dollar has kept EUR/USD below 1.15, while the ECB balances persistent inflation against weak growth. The BoE held rates but continues to monitor energy-driven inflation.

The BoJ raised rates to a 31-year high, but the yen remains weak near 157 per dollar as Japanese tightening is expected to lag the US.

Gold remains above $4,350, supported by geopolitical and inflation risks, while US technology shares remain resilient.

The outlook now depends heavily on whether falling oil prices can ease inflation without tighter monetary policy significantly weakening global growth.