Finance

Oil prices pushed sharply higher following a severe escalation in Middle East military hostilities, including U.S. airstrikes against Iranian targets and retaliatory actions. The benchmark West Texas Intermediate climbed past $92 per barrel, while Brent crude breached $97 a barrel, reaching its highest level in more than a month. The rapid spike in energy costs has fueled broader market anxieties regarding persistent global inflationary pressures.

The yield on the benchmark 10-year U.S. Treasury note hit its highest level since late 2023, touching 4.81% before easing slightly to 4.77%. Traders are responding to higher borrowing costs and weighing a potential interest rate hike at the upcoming Federal Reserve policy meeting. Despite sticky inflation metrics, New York Fed President John Williams indicated that there remains no immediate urgency to raise rates further.

Bitcoin prices held steady near the $77,900 mark, struggling to make a decisive breakout past the $80,000 threshold. Inflows into U.S.-listed spot Bitcoin exchange-traded funds slowed in early September following a very strong performance in August. Market participants have adopted a cautious approach, keeping their focus trained on the upcoming official U.S. jobs report to gauge the direction of future macroeconomic policy.