Finance

Crude oil prices advanced notably after the deadline for a permanent peace agreement between the United States and Iran elapsed without resolution. Global benchmark Brent crude surged 2.7% to settle above $90 a barrel, while West Texas Intermediate rose 2.4% to $84.35. The commodity's sharp spike followed reported state actions in the Strait of Hormuz, elevating broader inflation concerns.

Long-term US government bond yields extended their upward trajectory as investors weighed the inflationary pressures of rising commodities. The 30-year Treasury yield surged to 5.31%, marking its highest closing level since June 2007. Concurrently, the 10-year Treasury yield climbed to approximately 4.73%, putting added pressure on consumer borrowing costs.

Spot gold prices climbed roughly 1.1% to near $4,425 per ounce following soft domestic economic reports. A disappointing 0.6% decline in July retail sales combined with weaker consumer sentiment initially bolstered the metal by cooling expectations for interest rate hikes. Heightened geopolitical turbulence further supported the asset's traditional role as a defensive store of value.