Finance

International oil prices surged past a psychological milestone following escalated conflict in the Gulf region, where maritime strikes disrupted supply flows. Brent crude climbed 3.4% to close above $101 a barrel for the first time since July, prompting renewed concerns across Wall Street regarding energy-driven inflation and its impact on the economy.

The yield on the 10-year U.S. Treasury note jumped to 4.836%, reaching its highest intraday level since late 2023. Investors expressed disappointment after the Treasury Department announced a $6 billion cap on its longer-term debt buyback operation, which failed to meet elevated expectations for a more massive intervention that could have cooled rising borrowing costs.

Defying the broader equity market selloff, shares of Meta Platforms surged more than 6% during Wednesday's trading session. The rally was fueled by the product launch of its new autonomous assistant, Muse AI, which exceeded early engagement expectations and helped mitigate losses for the technology sector.