Oil nears $100 as markets remain cautious, with energy, defense, and banking in focus.

The session on global markets ended on a cautious note, with investors continuing to monitor the evolution of geopolitical tensions and their impact on the energy sector. Attention remains focused on the price of oil, which has returned to high levels, while corporate news continues to drive much of the movement on European stock markets.

In Europe, the day ended with moderate weakness among the major indices. The Euro Stoxx 50 ended trading at 5,717.65 points, down 0.54%, while the Frankfurt DAX closed at 23,447.29 points, reflecting a certain degree of caution among investors. The decline in the UK market was more moderate, with the FTSE 100 holding steady at 10,261.15 points (-0.43%).

At Piazza Affari, performance remained similar to the rest of the continent. The FTSE MIB closed the session at 44,316.92 points, down 0.31% but still near its highs of recent weeks. Here too, the Italian market continued to be driven primarily by corporate news.

In the energy sector, attention has focused on Eni, which several analysts have identified as one of the most attractive stocks in the European oil and gas sector. Its solid cash flows and ability to generate dividends even in a context of high commodity volatility continue to sustain investor interest.

Energy remains a key issue for the macroeconomic picture. WTI crude oil maturing April 2026 rose to $98.71 a barrel, marking a 3.11% gain and approaching the psychological threshold of $100. The move was fueled by tensions over energy routes and concerns over the safety of crude oil maritime transport, following several incidents involving oil tankers in recent weeks.

The emergency measures adopted by the United States and the International Energy Agency currently do not appear sufficient to fully stabilize the market. The prospect of possible supply disruptions therefore continues to fuel high volatility in the energy sector.

Among the Italian companies under observation, Leonardo stands out, continuing to benefit from a favorable climate following the presentation of its new industrial plan. The market is watching the defense group's prospects with interest, at a time when many European countries are significantly increasing military spending.

The banking sector also remains a focus of investor attention. BPER Banca has received approval for its merger with Banca Popolare di Sondrio, a transaction that represents a further step in the consolidation of the Italian banking system. According to several international analysts, European banks continue to represent one of the most solid sectors of the market thanks to their persistently high interest margins.

In the luxury sector, Salvatore Ferragamo attracted investors' attention after posting better-than-expected earnings results. The stock reacted positively, confirming the market's interest in premium brands capable of maintaining high margins even in a more uncertain economic environment.

The opposite situation occurred for ERG, which instead experienced a negative reaction after the revision of its 2026 estimates, which analysts deemed disappointing. The less promising outlook for the energy group weighed on investor sentiment.

In the European industrial sector, Volkswagen also remains under scrutiny, having reported a sharp decline in profits compared to the previous year. Despite this, the market continues to watch with interest the German group's recovery strategies and investments in electric mobility.

Global competition continues to intensify in the electric car sector. Tesla and the Chinese group BYD remain key players in the race for EV market leadership, with strong sales growth in China reshaping the balance of power across the entire automotive sector.

On the US market front, the session ended with slight weakness among the major indices. The Dow Jones closed at 46,558.47 points, while the S&P 500 closed at 6,632.19 points, down 0.61%. The technology sector also saw a moderate decline, with the Nasdaq 100 falling to 24,380.73 points (-0.62%).

Meanwhile, commodity markets showed mixed movements. Spot gold corrected, falling to $5,019.25 an ounce, while silver declined more rapidly, settling at $80.5764, a decline of 3.85%.

On the currency market, the dollar showed signs of strengthening. The euro/dollar exchange rate fell to 1.1416, a loss of 0.83%, while the pound weakened, with the GBP/USD at 1.3226. The USD/JPY was more stable, rising to 159.73, a sign of continued demand for dollars on international markets.

Overall, the week confirms a market environment still dominated by geopolitical uncertainty and energy commodity dynamics. Oil prices nearing $100 represent a major risk factor for global inflation and could influence central banks' future decisions.

In this scenario, investors appear to favor sectors considered more defensive, such as energy, defense, and banking, while their selectivity toward individual company stories remains high. Indeed, corporate news continues to make a difference in driving capital flows into stock markets.