Stock markets rose on Friday as oil recorded its biggest daily fall since April, after President Donald Trump pushed back on a decision regarding possible American military involvement in the Israeli-Iranian conflict.

The main European stock exchanges all posted increases of between 0.5% and 1.4%, similar to the increases recorded in Asia. However, it remained unclear whether this would be enough to avoid a second consecutive week of decline for the MSCI main global index

The fact that the United States did not immediately engage in the conflict caused oil prices to drop to $76.10 per barrel, although they were still up 4% for the week and 20% for the month.

“Brent is down 2.5% today, the clearest sign that fears of an impending escalation in the Israel/Iran conflict have subsided,” said Derek Halpenny, a strategist at MUFG.

This in turn strengthened the yen and weighed on the export-oriented Nikkei in Tokyo.