Global Markets Under Pressure: Oil, Inflation, and the Middle East Intensify Volatility

Global financial markets on May 28, 2026, are demonstrating increased volatility against the backdrop of ongoing geopolitical tensions in the Middle East, rising inflation expectations, and anticipation of key macroeconomic data from the U.S. Investors continue to closely monitor the situation surrounding Iran and the Strait of Hormuz, as well as the upcoming release of the PCE index — the main inflation indicator for the U.S. Federal Reserve.

🇺🇸 USA: Record Levels Persist

The American market continues to hold near historical highs despite rising risks: Dow Jones — 50,644 (+0.36%) — a new historical high · S&P 500 — 7,520 (+0.02%) — record close · Nasdaq Composite — 26,675 (+0.07%).

The market is supported by falling oil prices and expectations of a possible de-escalation of the U.S.-Iran conflict. However, investors remain cautious ahead of the release of inflation data and the revision of U.S. GDP.

🇪🇺 Europe in the Red Zone — 🌏 Asia Correcting

European indices are trading predominantly in the negative: DAX — 25,140 (−0.15%) · CAC 40 — 8,192 (−0.19%) · FTSE 100 — 10,425 (−0.76%). Pressure on European markets is exerted by weak consumer confidence, the ECB's tough rhetoric, and risks of further inflation growth.

Asian markets are showing mixed dynamics: Nikkei 225 — 64,693 (−0.47%) · Hang Seng — 25,328 (−1.06%) · KOSPI maintains strong weekly dynamics but is under correction pressure today. The main factor for the decline is the deterioration of global risk sentiment and pressure on the technology sector.

🛢 Oil Volatile — Gold Under Pressure from Dollar

The oil market remains extremely sensitive to news from the Middle East: WTI — $88.68 (−5.55%) · Brent — $95.83 (−1.63%). Despite local declines, prices remain high due to sanctions pressure, supply disruption risks, and instability around the Strait of Hormuz. The market continues to price in a heightened geopolitical premium in energy prices.

Gold and silver are under pressure from a strengthening dollar and rising U.S. bond yields: Gold — $4,405 (−1.13%) · Silver — $73.23 (−1.41%). The breach of key support levels has intensified profit-taking in precious metals.

💱 Dollar Strengthens — Crypto Under Pressure

The U.S. dollar continues to strengthen against most global currencies: DXY — around 99.5 p. · EUR/USD trading below 1.1600 · USD/JPY approaching the critical mark of 160. Rising treasury yields and expectations of a hawkish Fed policy are boosting demand for the dollar as a safe-haven asset. At the same time, the market is beginning to price in the likelihood of currency interventions from the Bank of Japan.

Cryptocurrencies remain under pressure amid outflows from spot Bitcoin ETFs and deteriorating global risk appetite: Bitcoin — $72,988 (−3.63%) · Ethereum — $1,975 (−4.8%) · Stellar (XLM) — +14.12% — the day's leader in growth. The total market capitalization of the crypto market has decreased to $2.49 trillion (−1.85%).

📅 Key Events of the Day and Main Risks

Today, investors' attention is focused on the release of important macroeconomic data: 17:30 KZ — initial jobless claims, revision of U.S. GDP for Q1, and Core PCE — the key inflation indicator of the Fed · 14:00 KZ — EU consumer confidence index · 23:30 KZ — EIA natural gas inventories · 01:30 (May 29) KZ — EIA crude oil inventory change. Quarterly reports from major companies in the AI infrastructure, cloud software, banking, energy, retail, and industrial sectors are also being published.

The main risks for the markets: geopolitics surrounding the U.S., Iran, and the Strait of Hormuz — the main source of uncertainty · the market fears higher PCE values, which could strengthen expectations of a tightening Fed policy · the Fed and ECB continue to maintain a hawkish rhetoric, putting pressure on risk assets.

⚡ In Focus Today: Core PCE, U.S. GDP revision, and jobless claims at 15:30 MSK · Dow Jones at historical high of 50,644 · WTI −5.55% to $88.68 · Bitcoin −3.63% to $72,988 · USD/JPY at critical mark of 160 · Stellar XLM leader of the day +14.12% · geopolitics around the Strait of Hormuz remains the main risk.