Finance

Crude oil benchmarks surged following direct military clashes between the United States and Iran near critical shipping corridors in the Middle East. Brent crude and West Texas Intermediate futures both posted strong gains as supply disruption anxieties re-emerged due to potential complications in the Strait of Hormuz.

The yield on the 10-year U.S. Treasury note extended its upward trajectory to reach its highest level in over a year and a half, hovering near 4.77%. Traders are responding to hawkish rhetoric from Federal Reserve officials indicating that structural price pressures remain sticky enough to justify imminent monetary tightening.

Precious metals encountered strong headwinds, with spot gold values sliding roughly two percent to trade well below recent peaks. The downswing is tied to shifting derivatives market data showing an elevated probability of a Federal Reserve interest rate hike later this month.