Finance

Global oil benchmarks have surged with Brent crude rising above $110 per barrel and West Texas Intermediate nearing $98. The price hike is largely attributed to continued uncertainty regarding the Strait of Hormuz and a buildup of military forces, even as the U.S. administration extended a deadline for strikes on Iranian energy infrastructure.

A new survey from the University of Michigan shows that U.S. consumer sentiment dropped to 53.3 in March, its lowest level since December. The decline is driven by the dual impact of volatile financial markets and rising gasoline prices, which have soured expectations for personal finances and the short-term economic outlook.

The yield on the benchmark 10-year U.S. Treasury note edged higher to approximately 4.46% as markets reacted to surging energy costs. Higher yields are adding significant pressure to equity valuations and increasing borrowing costs for both households and businesses.

Digital assets saw a notable downturn with Bitcoin falling more than 4% to approximately $66,587. The sell-off was exacerbated by massive liquidations of long positions and substantial outflows from Bitcoin ETFs, mirroring the broader 'risk-off' sentiment seen in traditional equity markets.

Gold remains a focal point for investors seeking stability during the current market correction and geopolitical crisis. While prices fluctuated slightly on March 27, the precious metal is trading near $4,430 per ounce, representing a significant year-over-year increase as a hedge against global instability.