Finance

Global energy markets experienced significant volatility, with Brent crude and West Texas Intermediate futures surging more than 6% to reach their highest marks since late June. The price spike was triggered by a series of military strikes in the Strait of Hormuz and the revocation of a waiver that had previously permitted legal Iranian oil sales, raising concerns over global supply continuity.

Digital assets experienced heavy selling pressure as the geopolitical friction in the Middle East dampened investor appetite for risk-exposed assets. Bitcoin fell more than 3%, sliding well below the $62,000 threshold, while alternative cryptocurrencies like Ethereum and Solana also sustained significant losses, triggering hundreds of millions of dollars in liquidations across the market.

The yield on the benchmark 10-year Treasury note advanced to 4.57%, hitting its highest point in over a month. Fixed-income investors pushed yields higher on expectations that surging oil prices could reverse recent cooling trends in consumer price metrics, potentially forcing central banks to maintain elevated interest rates for a prolonged period.