Finance

Oil prices surged as geopolitical tensions between the U.S. and Iran intensified, with West Texas Intermediate futures closing above $102 per barrel. The diplomatic stalemate and the continued closure of the Strait of Hormuz have fueled fears of a prolonged supply disruption. Retail gasoline prices have reflected this volatility, with the national average reaching approximately $4.50 per gallon.

The 10-year Treasury yield rose to 4.462% after a disappointing auction and hotter-than-expected inflation data. Investors are increasingly pricing in the possibility of further Federal Reserve rate hikes, with market bets on a December increase rising to over 33%. Longer-dated maturities saw even sharper moves, with the 30-year yield breaching the psychologically significant 5% threshold.

High-flying chipmaker stocks faced a significant sell-off, acting as a primary drag on the broader markets. Micron Technology shares plunged nearly 10%, while other major players like Broadcom, Intel, and AMD also posted notable losses. This reversal follows a period of extreme momentum where some companies in the sector had more than tripled in value since the beginning of 2026.