Global stocks took a hit on Thursday due to subdued trading in equity markets across the U.S. and other major regions, while oil prices surged amid escalating geopolitical tensions from the Middle East conflict. Wall Street’s main indexes ended the day in the red following a brief increase earlier in the session. Data released on Thursday revealed a rise in U.S. jobless claims, signaling weakness in the labor market, despite strong service-sector activity. Investors are now awaiting the nonfarm payrolls report for September, scheduled for release on Friday. The Dow Jones Industrial Average dropped 0.44%, closing at 42,011.59, the S&P 500 slipped 0.17% to 5,699.94, and the Nasdaq Composite fell 0.04% to 17,918.48. European stocks also finished down 0.93% after digesting weak business activity survey data from the region. MSCI’s global stocks gauge fell 0.39% to 842.18. Oil prices saw a significant increase, with Brent crude futures settling up 5.03% at $77.62 a barrel and U.S. West Texas Intermediate (WTI) crude futures settling up 5.15% at $73.71. The surge was attributed to the growing conflict in the Middle East. Amid the market movements, gold prices remained steady, while the U.S. dollar strengthened against major currencies. Economists observed a rise in Treasury yields following the release of jobless claims data and the service sector report. Market participants are closely monitoring the situation, with some citing uncertainties related to the U.S. election and the ongoing events in the Middle East. Despite the short-term volatility, some investors maintain a positive long-term outlook.