A week of geopolitical tensions: oil rallying and stock markets under pressure.

The financial week ended on a volatile note, with global markets impacted by geopolitical tensions in the Middle East and renewed investor risk aversion. The escalation of tensions between the United States, Israel, and Iran triggered a strong reaction across various asset classes, pushing up energy commodities and safe-haven assets, while major stock indices recorded significant declines.

On the commodity front, oil was the undisputed star of the week. The price of U.S. West Texas Intermediate crude oil rallied sharply, reaching $90.90 a barrel, a daily increase of 12.21%. Brent crude oil showed similar momentum, rising to $93.04, an increase of 8.93%. Traders are particularly concerned about the possibility of energy supply disruptions, particularly in the Strait of Hormuz, a key hub for global oil trade. Some investment banks, including Goldman Sachs, are not ruling out extreme scenarios with crude oil prices approaching $100 a barrel if energy flows in the region were to be disrupted.

The oil price surge had immediate repercussions on stock markets. Investors on Wall Street adopted a defensive stance, with widespread selling across the major indexes. The Dow Jones Industrial Average closed at 47,501.55 points, down 0.95%, while the S&P 500 lost 1.33% to 6,740.02 points, down 2% since the start of the week. The Nasdaq Composite fell even more sharply, ending the session at 22,387.68 points, a loss of 1.59%.

The surge in the CBOE Volatility Index, considered the leading indicator of market fear, also signaled the rise in uncertainty. The index rose to 29.49 points, a 24.17% increase, reflecting the rapid increase in volatility and growing investor demand for protection.

The climate of uncertainty has favored safe-haven assets. Gold prices rose sharply on Friday, reaching $5,171.12, a gain of 1.85%. The yellow metal continues to benefit from a combination of geopolitical tensions, central bank demand, and institutional investors' search for defensive assets.

Silver's movement was even more marked, closing at $84.37, up 2.65%. Silver, which combines the characteristics of a safe haven and an industrial metal, tends to react with greater volatility during periods of severe market stress.

On the currency front, the euro-dollar exchange rate has remained relatively stable over the past two days. The EUR/USD pair closed at 1.1618, up slightly by 0.08%. The dollar benefited from its safe-haven status at the start of the week, but the movement was limited by investors seeking diversification into other defensive asset classes.

European markets also felt the effects of the uncertainty. The EURO STOXX 50 closed at 5,732.45 points, down 6.50%. Friday's session was particularly weak at the Milan Stock Exchange, with the FTSE MIB falling to 44,152.26 points, down 1.02%.

Among the most closely watched stocks on the Italian stock market are movements in the banking and industrial sectors. Some credit institutions have been impacted by the risk-averse climate, while energy companies like Eni have indirectly benefited from rising oil prices. At the same time, markets have continued to monitor corporate developments in several large Italian companies, including Monte dei Paschi di Siena and Nexi, which have experienced sharp fluctuations in recent weeks.

At the same time, Italian investors' attention has also focused on the new placement of BTP Valore. This government bond dedicated to retail savings saw strong participation, with rates revised upward at the end of the placement period. Interest in bonds remains strong despite an initial decline, especially during a period of high uncertainty in the equity markets.

Overall, the week clearly demonstrated how geopolitics continues to be a major driver of global financial markets. The sharp rise in oil prices, the rush to safe-haven assets, and weak stock markets indicate that investors are rapidly rebalancing their portfolios to protect themselves from potential macroeconomic shocks.

The next few weeks will be crucial to understanding whether the current tension will remain limited or whether it could turn into a more lasting factor of instability for the global economy and financial markets.