Clashes persist between Washington and Tehran. A key U.S. ally, Israel, announced on Thursday that it had carried out fresh strikes on the Iranian capital, which has been heavily targeted since the start of the standoff.

For its part, Iran has indicated its intention to target "economic centers and banks" in the Gulf. It specified that it could notably target Amazon, Google, Microsoft, IBM, Oracle, and Nvidia. Tehran also stated that it had conducted a "joint and integrated" strike operation toward Israeli soil alongside the Lebanese Islamist movement Hezbollah. The Iranian capital described the attack as "continuous fire for a period of five hours" involving missiles and drones. This morning, the country claimed to have hit new targets linked to the Israeli military and intelligence services.

In this context, Brent crude surged back above the $100 mark this Thursday morning. It was up approximately 5% by 10:30 a.m. at 98.14 USD. WTI gained 4.15% to 92.58 USD.

On the energy front, the International Energy Agency (IEA) announced yesterday that it had agreed to release a record volume of 400 million barrels of oil to offset supply disruptions caused by the Middle East conflict. This measure aims to limit volatility in oil markets as crude flows remain fragile in the region.

Furthermore, according to reports from the New York Times yesterday, the United States has allegedly lost more than $11.3 billion due to this conflict in just one week of war. This amount reportedly excludes many costs related to strike preparations (troop deployment, military equipment provision). The New York daily published these claims based on a Pentagon briefing to members of Congress.

Rubis and ID Logistics falter, Zalando leads the Dax

In market action, JCDecaux (+11.32%) posted the strongest gain on the SRD market, despite a slowdown in activity for the year 2025. The French outdoor advertising giant recorded a net profit of 262.6 million euros, up 1.4%, compared to a 24% jump in 2024. Its revenue increased by only 1.1% to 3.7 billion euros last year, compared to a 10.2% increase in 2024. "The highly uncertain economic environment, including rising customs duties and growing geopolitical uncertainties," as well as the "absence of major sporting events" during the period, are the factors explaining this slowdown, noted Jean-François Decaux, co-CEO of JCDecaux.

Maurel & Prom (+3.17%) also advanced within the SRD on the back of a sharp increase in profits. The oil company, specializing in oil and natural gas extraction, reported a 2025 group share net income of 410 million USD, up 72% compared to 2024. Regarding its outlook, the group anticipates an increase in production, expected to be around 42,700 barrels of oil equivalent per day, thanks to the ramp-up of its operations in Venezuela and Colombia, as well as the development of its projects in Africa.

Conversely, Rubis (-3.65%) declined even though the photovoltaic plant operator published solid performance for 2025. Its group share net income rose 19% to 309 million euros for 2025. EBITDA reached 741 million euros, at the upper end of the guidance range of 710 to 760 million euros (+3% on a reported basis). For 2026, the company is targeting a group EBITDA between 740 and 790 million euros.

ID Logistics (-5.50%) recorded the sharpest drop on the SBF 120. The logistics and transport group reported 2025 free cash flow described as "disappointing" by TP ICAP Midcap. It came in negative at 36 million euros after lease payments. However, its net profit climbed 19.9% to 63.3 million euros and its revenue grew 14.2% to 3.73 billion euros.

In Europe, Zalando (+7.76%) dominated the Dax after announcing an optimistic outlook for 2026. The online shoe and clothing retailer anticipates adjusted EBIT between 660 and 740 million euros for the current year, compared to 591 million euros in 2025. It also forecasts growth in Gross Merchandise Volume (GMV) of 12% to 17% in 2026. GMV increased by 14.7% in 2025 to reach 17.56 billion euros.