European equity markets posted solid midday gains on Thursday, bucking a negative tone from US index futures.
The rally was broad-based, driven by a flight to quality and defensive positioning as geopolitical risks in the Persian Gulf continued to escalate.
Simultaneously, safe-haven demand propelled gold past the $4,100 mark, while silver also strengthened, breaking through $59 an ounce.
Investors appeared willing to overlook near-term macroeconomic headwinds in favor of assets that benefit from or hedge against supply disruption.
The energy complex led the charge, with crude oil prices jumping above $95 a barrel.
The surge reflects persistent shipping risks in the Strait of Hormuz, which continues to weigh on global supply chain confidence.
Simultaneously, safe-haven demand propelled gold past the $4,100 mark, while silver also strengthened, breaking through $59 an ounce.