Finance

Crude oil benchmarks advanced significantly following an 11th consecutive round of U.S. military strikes against targets in Iran. Brent crude settled up about 3.4% at over $94 per barrel, hitting its highest level in more than a month amid fears that shipping lanes could be compromised. This commodity spike has triggered renewed concerns among traders that inflation could persist, potentially compelling the Federal Reserve to revisit interest rate hikes.

Market focus heavily converged on high-profile earnings from megacap firms scheduled to release results after the closing bell. Pre-earnings positioning led to a visible rotation toward defensive and value-oriented sectors during standard trading hours. Early post-market reports revealed that Alphabet shares slipped on expanding artificial intelligence capital expenditures, while Tesla missed analyst consensus estimates.

Cryptocurrencies traded in a narrow, muted range as investors evaluated conflicting micro and macro indicators. Bitcoin hovered around the $65,900 threshold, down slightly for the day, though institutional support remained firm following a six-day streak of positive exchange-traded fund inflows. Sentiment was also buoyed by legislative progress regarding the Digital Asset Market Clarity Act, which helped offset headwinds from rising oil prices and inflation worries.