Finance

Crude oil prices surged by approximately 5% after the U.S. revoked Iran's licenses to sell crude following renewed attacks on vessels in the Strait of Hormuz. This geopolitical escalation has reignited fears of global energy supply disruptions, reversing previous expectations of a market surplus and pushing benchmark prices back toward $72 per barrel.

U.S. Treasury yields rose across the curve, with the benchmark 10-year note reaching 4.51% and the 30-year bond crossing the 5% threshold. The upward movement is largely attributed to rising energy costs fueling inflation expectations, leading some traders to increase bets on a possible interest rate hike later this year.

The cryptocurrency market remained relatively stable, with Bitcoin trading near the $63,000 mark ahead of key economic updates. Option traders have maintained a cautiously bullish stance as the industry awaits the release of the Federal Reserve's latest meeting minutes to gauge future monetary policy directions.