Finance

Crude oil futures climbed for a third consecutive session, pushing Brent crude past $91 a barrel for the first time in over a month. The price surge follows a fresh wave of military strikes between the United States and Iran, alongside a maritime embargo declared by Houthi forces. Market analysts warn that rising energy costs could inject fresh inflationary pressures into the broader global economy.

A wave of better-than-expected second-quarter corporate reports provided substantial support for trading sentiment. Industrial heavyweight 3M saw its stock rally more than 7% after upgrading its full-year profitability projections, while General Motors climbed 5% on strong financial metrics. Early metrics indicate that the vast majority of S&P 500 firms reporting so far have outpaced consensus bottom-line projections.

The bond market faced downward pricing pressure, driving the two-year U.S. Treasury yield up to 4.266%. Investors are increasingly demanding a higher risk premium as escalating geopolitical hostilities and soaring commodity prices spark fears of sticky inflation. These climbing yields have kept some market participants cautious regarding the near-term path of fixed-income instruments.