Oil prices spiked after the U.S. Treasury imposed sweeping sanctions on all major Russian oil companies, including Rosneft and Lukoil, in a move that could reshape global energy flows. The measures came shortly after explosions disrupted refineries processing Russian crude in Hungary, Slovakia, and Romania, raising questions over whether the events were connected. Brent crude jumped 5.5% on the developments.Tesla Inc. tumbled 3.9% in early trading after its latest earnings call, where the EV maker reported that surging costs had eaten into profits despite record vehicle deliveries. In contrast, Volvo Car AB shares soared 40% after the Swedish automaker posted stronger-than-expected earnings on the back of aggressive cost cuts.In Europe’s aerospace sector, Airbus SE, Leonardo SpA, and Thales SA announced they will merge their satellite divisions into a single venture—Project Bromo—designed to bolster Europe’s strategic autonomy and compete with private players such as SpaceX’s Starlink. The three stocks rose about 1.5% on average following the news.Meanwhile, gold resumed its upward march, gaining 1.6% to US$4,129 an ounce, as investors sought safety amid geopolitical turbulence.
After a mixed session in Asia—Japan down, China up—European equities advanced around 0.5%, while U.S. futurespointed to a flat open ahead of another day packed with corporate earnings.