Finance

Oil prices surged nearly 8% following renewed conflict in the Middle East and attacks on vessels in the Strait of Hormuz. While the broader market struggled, the energy sector remained a rare bright spot as West Texas Intermediate crude approached $76 per barrel.

The 10-year Treasury yield climbed to 4.59%, its highest level since May, driven by fears that surging energy costs will sustain elevated inflation. Market participants are closely monitoring these rising yields, which often pressure high-valuation sectors like technology.

Technology shares, particularly chipmakers like Intel and Micron, experienced notable declines as investors grew wary of overstretched valuations in the artificial intelligence trade. The tech-heavy Nasdaq Composite traded lower, reflecting a broader shift away from risk-heavy assets during the geopolitical crisis.