Company Interview / the open: Oil surges to highest in 4 years 💥 ASX to open lower

Global equity markets fell and oil prices rose further on Friday with no end in sight to the war in the Middle East that is fueling inflation and sapping consumer and business confidence. The local market is set to begin the week negatively with ASX futures down 0.7%. 

US stocks tumbled with the three major Wall Street indices closing at their lowest levels in more than seven months while the Dow joined the Nasdaq in correction territory, having fallen more than 10% from its record high. The indices suffered their fifth straight weekly decline, the longest streak in nearly four years. 

As the Middle East conflict enters its second month, the war is widening. Yemen's Iran-aligned Houthis joined the conflict on the weekend, attacking Israel and raising the prospect they could block a second key shipping route, the Bab el-Mandeb Strait, the entrance to the Red Sea. 

Gold surged more than 3% on Friday on dip-buying, and Brent crude futures closed at $113 a barrel, the highest since 2022. 

The US dollar closed up 0.3% on track for its strongest monthly gain in almost a year, buoyed by safe-haven demand. Meanwhile, the Australian dollar has fallen to US68.7 cents.