04:04 PM EDT, 04/12/2024 (MT Newswires) -- US equity markets closed lower Friday as mega-cap bank earnings underwhelmed.

* JPMorgan Chase ( JPM ) reported better-than-expected Q1 earnings and revenue even as the banking giant's net interest income fell short of analysts' estimates. The lender raised its full-year expense outlook.

* Citigroup ( C ) reported less-than-expected declines in fiscal Q1 results but restructuring costs and an incremental Federal Deposit Insurance Corp. special assessment partially offset a revenue surge in banking.

* The probability of a 25 basis point rate in June rose to 26% as of Friday afternoon, compared with 20% a day earlier, according to the CME Group's FedWatch Tool.

* May West Texas Intermediate crude oil closed up $0.52 to 85.54 per barrel, while June Brent crude, the global benchmark, rose $0.51 to $90.25 amid speculation Iran may retaliate against an Israeli attack on its embassy in Syria.

* HNR Acquisition (HNRA) said it may be able to capture the potential untapped oil in the Grayburg and San Andres oil zones in the "near term." The shares gained 11%.