Finance

Oil prices jumped as Brent crude neared $91 per barrel following a projectile strike on a cargo ship and the expiration of a 60-day truce between the U.S. and Iran. The structural friction has driven up energy carrier transport rates and fueled investor worries over prolonged shipping disruptions in the Strait of Hormuz.

Concerns regarding government deficits, persistent inflation fears, and massive corporate debt issuance from tech companies have triggered a broad global bond market selloff. The yield on the 30-year U.S. Treasury note surged to 5.34%, hitting its highest mark since 2007, while sovereign yields in Europe and Japan also reached multi-year or multi-decade peaks.

The cryptocurrency market remained relatively quiet despite the widespread volatility in traditional equities. Bitcoin drifted sideways to trade around the $64,100 range, while investors weighed shifting macro conditions and rising energy costs.