Finance

Crude prices spiked as West Texas Intermediate surged over 3% to settle above $91 a barrel, while international benchmark Brent crude cleared the $104 mark. The dramatic climb was driven by rising tensions in the Middle East alongside escalating infrastructure risks as Hurricane Isaias loomed over offshore production. The energy price jump renewed broader Wall Street anxieties regarding entrenched inflation.

Government bond yields experienced sharp swings after touching multidecade highs earlier in the session, with the 10-year yield fluctuating around 5.23% following a strong afternoon auction. Borrowing costs came under pressure earlier in the day after Federal Reserve Governor Christopher Wallace stated that additional interest rate hikes may be necessary to curb ongoing inflation. Strong labor numbers also reinforced expectations for tighter central bank policy, with weekly jobless claims hitting a low of 197,000.

The broader digital asset ecosystem experienced heavy liquidations, forcing Bitcoin down beneath the key $84,000 and $81,000 thresholds to touch intraday lows near $80,900. Ethereum also registered steep losses, tumbling more than 4% down to roughly $2,532. The swift downturn was exacerbated by macro headwinds, including soaring energy costs, alongside specialized pressure on hybrid crypto miners adapting to capital-intensive AI pivots.