Finance

Brent crude futures jumped more than 3% to settle at $101.21 a barrel, crossing the $100 mark for the first time since July. The spike follows escalating military engagements between the United States and Iran, which included the destruction of Iranian oil tankers and missile strikes targeting American bases. Investors are increasingly concerned that the ongoing conflict will choke energy flows through critical transit routes like the Strait of Hormuz.

The 10-year U.S. Treasury yield rose to 4.836%, hitting its highest mark since 2023. This upward movement was accelerated by investor disappointment over the scope of the Treasury Department's expanded bond buyback program, which did not meet aggressive market expectations. Additionally, strong economic indicators have heightened expectations that the Federal Reserve may push forward with an interest rate hike at its upcoming September policy meeting.

Meta Platforms bucked the broader market's downward trend, gaining over 6% after launching a highly anticipated artificial intelligence assistant capable of managing emails, bookings, and sales autonomously. Conversely, Apple saw its shares fall roughly 1.75% following the corporate debut of its first foldable smartphone, the iPhone Duo. The decline reflects historical investor skepticism, as Apple stock has frequently stagnated or dropped immediately following its major product launch events.