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NEW YORK, May 1 — Oil prices struck a four-year high yesterday on worries about a resumption of hostilities in the Middle East, before slumping to end the day.

But key US indices hit new records while European stock markets rose on positive earnings reports from some tech firms.

On Wall Street, the S&P 500 jumped 1.0 percent and the tech-heavy Nasdaq Composite Index added 0.9 percent, both reaching all-time highs.

This came on the back of optimism surrounding corporate earnings and still-resilient US economic growth.

“A lot of that comes down to corporate profits,” said Angelo Kourkafas of Edward Jones.

He added that US GDP data “continues to defy fears of a near-term slowdown,” helping to propel stocks to new highs.

The US Commerce Department estimated earlier Thursday that the world’s biggest economy grew by an annual rate of 2.0 percent in the first three months of 2026.

A key factor was a surge in artificial intelligence investments, although consumer spending cooled.

Tech turbulence 

International benchmark Brent crude soared to $126 a barrel, but closed 3.4 percent down eventually at $114.01.

Still, this is significantly higher than its price before US-Israel strikes targeting Iran since February 28.

Markets were jolted after President Donald Trump warned the US blockade of Iranian ports could last months, and by a report that he would be briefed on potential fresh military strikes.

“Fears about escalation in the conflict between the US and Iran fueled the initial move higher before the market calmed down,” said XTB research director Kathleen Brooks.

The expiry of monthly contracts also added to volatility.

The main European stock markets closed higher, taking their cue from largely positive earnings reports from US tech companies.

Shares in Google parent company Alphabet closed 10 percent up as investors lauded the company’s success in making the pivot to artificial intelligence and solid revenue across its major divisions.

But shares in Meta slumped 8.6 percent amid concerns about its huge AI spending.

Apple reported after the closing bell, with earnings that beat forecasts on a boost from iPhone demand. The company’s shares were up 4.7 percent in after-hours trading.

Central banks remained a focus on Thursday, a day after the Federal Reserve kept interest rates unchanged as the United States faces elevated inflation triggered by the Middle East war.

The European Central Bank and Bank of England also both held rates steady.

But the ECB warned that risks to eurozone growth and the inflation outlook have “intensified” because of the war and its impact on global energy supplies.

The Bank of England cut its forecast for UK growth.

Data released Thursday showed that growth in the eurozone economy slid to 0.1 percent in the first quarter.

The yen shot more than two percent higher against the dollar after Japan’s finance minister hinted strongly that Tokyo was close to intervening in the market to support the currency.

Key figures at 2130 GMT 

Brent North Sea Crude: DOWN 3.4 percent to $114.01 a barrel West Texas Intermediate: DOWN 1.7 percent at $105.07 a barrel New York - Dow: UP 1.6 percent at 49,652.14 points (close) New York - S&P 500: UP 1.0 percent at 7,209.01 (close)

New York - Nasdaq Composite: UP 0.9 percent at 24,892.31 (close)

London - FTSE 100: UP 1.6 percent at 10,378.82 (close)

Paris - CAC 40: UP 0.5 percent at 8,114.84 (close)

Frankfurt - DAX: UP 1.4 percent at 24,140.59 (close)

Tokyo - Nikkei 225: DOWN 1.1 percent at 59,292.38 (close)

Hong Kong - Hang Seng Index: DOWN 1.3 percent at 25,776.53 (close)

Shanghai - Composite: UP 0.1 percent at 4,112.16 (close)

Euro/dollar: UP at $1.1731 from $1.1695 on Wednesday

Pound/dollar: UP at $1.3602 from $1.3489

Dollar/yen: DOWN at 156.60 yen from 160.23 yen

Euro/pound: DOWN at 86.25 pence from 86.71 pence — AFP

ECB keeps interest rates on hold as growth stumbles and price rises gather pace, up from 2.6% in March and 1.9% in February

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• Air France-KLM cuts forecasts amid $2.4bn fuel bill rise

Inflation across the eurozone soared to 3% this month as the Iran war drove up energy prices and growth stumbled.

Consumer prices rose by 3% in the year to April across the single currency bloc, data from the statistics body Eurostat showed on Thursday morning, up from 2.6% in March and 1.9% in February.

Local officials and witnesses say attackers shot at students first then at those who arrived to help

Two Palestinians, including a 14-year-old schoolboy, have been killed in the occupied West Bank after Israeli settlers opened fire near a school amid mounting assaults on education in the territory, witnesses and local officials have said.

The Palestinian health ministry said Aws al-Naasan, 14, and Jihad Abu Naim, 32, were killed in the attack on the village of al-Mughayyir, in which three others were wounded. The head of the local council told Reuters that Israeli settlers had entered the village and opened fire near a school – first at students, and later at others who arrived at the scene. Witnesses said settlers were later followed by Israeli soldiers.

Not using capital punishment ‘really a requirement’ for Council of Europe’s parliamentary assembly, says president

Israel’s observer status at the Council of Europe’s parliamentary assembly could be suspended over the country’s new law mandating the death penalty for Palestinians convicted of some offences, the president of the body has said.

Petra Bayr, an Austrian Social Democrat and president of the Parliamentary Assembly of the Council of Europe (Pace), said not using the death penalty was “really a requirement” of having observer status at the pan-European human rights body, which has no connection to the EU.

Experts say attacks, also carried out by settlers, are leading girls to quit school and enter early marriages

Israeli soldiers and settlers are using gendered violence and sexual assault and harassment to force Palestinians from their homes in the occupied West Bank, human rights and legal experts say.

Palestinian women, men and children have reported attacks, forced nudity, invasive and painful body cavity searches, Israelis exposing their genitals, including to minors, and threats of sexual violence.

Turn back the clock to our first conversation with David Katz, founder of Plastic Bank. He shares his vision for a regenerative society built on grassroots recycling programs that help low-income regions build resilient communities. The Vancover, B.C., startup compensates more than 30,000 plastic recyclers in the Philippines, Indonesia, Brazil, and Egypt. To date, Plastic Bank has stopped over 99 million pounds of plastic waste — the equivalent of more than 2 billion plastic bottles — from entering the world’s oceans, and the pace of its collections is accelerating. The people who collect plastic are paid for the material they deposit at more than 511 Plastic Bank branches. Katz’s team has partnered with more than 200 companies, including Procter & Gamble, HelloFresh, L’Oreal, and Coca-Cola, to create circular economies in plastic packaging.

Their next goal is to capture 10 billion bottles, which still represents only 1.7% of the 583 billion produced in 2021, according to Euromonitor. David explains that a shift in mindset from extractive ownership to regenerative stewardship can break the economic mold and bring prosperity in regions where so much valuable material currently is treated as waste. Plastic Bank uses a blockchain-based data collection and reporting system that helps collectors track their earnings and which provides transparency and traceability for the plastic captured. Plastic Bank works with plastic recyclers to convert the collected bottles into SocialPlastic, a raw material for making new products. They sell plastic #1, #2, and #4 to industry to recover their costs. You can learn more about Plastic Bank at plasticbank.com.

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Editor’s Note: This episode originally aired on March 23, 2022.

The post Best of Sustainability In Your Ear: Plastic Bank’s David Katz on Grassroots Recycling Solutions appeared first on Earth911.