Finance

Crude oil prices surged sharply as fresh military strikes in the Middle East renewed investor anxieties regarding potential supply disruptions and shipping blockades in the Strait of Hormuz. Brent crude futures moved past the $91 per barrel milestone, while West Texas Intermediate climbed over $86 per barrel. Consequently, the energy sector stood out as the sole major gaining sector on Wall Street during the market selloff.

Expectations for an interest rate hike at the Federal Reserve's upcoming September meeting have surged to over 60%. Comments from central bank officials at the Jackson Hole symposium indicated that inflation remains stubbornly high and requires ongoing intervention. This hawkish outlook has intensified macroeconomic anxiety and fueled expectations of heightened market volatility entering the fall.

Gold futures experienced a sharp multi-day decline, tumbling below key technical thresholds to trade near $4,480 per ounce. The combination of rising U.S. Treasury yields, a robust dollar, and escalating geopolitical conflicts has significantly increased the opportunity cost of holding non-yielding assets. Even with the recent downward pressure, gold managed to secure its strongest overall monthly performance since February.