European stocks set to slide further as oil prices stay above $100 a barrel

Oil Market Impact - Oil prices surged about 20% due to the ongoing U.S.-Israeli conflict with Iran, raising concerns over prolonged energy supply disruptions [1] - Brent crude prices remain above $100, last seen at $100.96, while West Texas Intermediate was at $95.96 [3] - The U.S. Energy Department announced a release of 172 million barrels from its Strategic Petroleum Reserve to address supply concerns [3] European Market Reaction - European equities ended the previous session lower, with the pan-European Stoxx 600 closing about 0.7% down [1] - The Stoxx 600 was 0.5% lower in early trading on Friday, with most sectors trading negatively [1][2] - Investors are weighing the impact of the Middle East conflict on economic growth, contributing to the negative sentiment in European markets [2] U.S. Market Trends - U.S. futures showed slight gains, with S&P 500 futures rising 0.25% and Dow Jones Industrial Average futures adding 0.32% [5] - Despite the gains in futures, U.S. markets are lower week-to-date [5] Geopolitical Developments - U.S. Treasury Secretary announced that vessel escorts through the Strait of Hormuz would begin "as soon as militarily possible" due to recent attacks on vessels [4] - Iran's Supreme Leader stated that the country would continue to block the shipping channel, contributing to the spike in oil prices [4]