Finance

Oil futures posted notable gains as investors tracked geopolitical developments and ongoing negotiations regarding the Strait of Hormuz. Global benchmark Brent crude surged nearly 4% to close above $82 per barrel, while West Texas Intermediate also saw a significant upward move. The threat of shipping restrictions in the Persian Gulf continues to keep energy markets volatile.

U.S. government bond yields moved broadly higher, snapping a multi-day streak of declines as higher energy costs pressured the market. The benchmark 10-year Treasury note yield rose to roughly 4.67%, while the short-dated 2-year yield experienced its largest one-day advance in a week. Investors are closely monitoring how the commodity surge might affect consumer price expectations and subsequent Federal Reserve decisions.

Shares of the recently public rocket manufacturer rallied over 6% despite the expiration of a post-IPO lock-up agreement that freed up more than 900 million shares for trading. Though the stock faced initial downside pressure and sits below its original offering price, the expected flood of insider liquidation failed to materialize as early investors appeared content to hold. Analysts noted the market showed surprising liquidity and resilience in absorbing the potential supply.