Finance

Oil futures surged sharply after U.S. military strikes targeted Iranian rocket launchers near the critical Strait of Hormuz shipping lane. Brent crude pushed past the $90 per barrel mark while West Texas Intermediate climbed toward $86, raising investor concerns over prolonged energy market volatility and localized infrastructure risks.

Market probabilities for a 25-basis-point interest rate increase at the central bank's upcoming September meeting jumped past 60%. The hawkish shift in sentiment followed newly appointed Fed Chair Kevin Warsh's policy comments at the Jackson Hole symposium, where he reiterated that inflation pressures remain too high.

Precious metals experienced a downward shift, with gold futures slipping near a two-week low as investors weighed rising interest rate expectations and a stronger economic outlook. Concurrently, the 10-year U.S. Treasury yield pushed higher to hover around 4.76%, absorbing the combined pressure of geopolitical unrest and hawkish monetary signals.