Finance

Crude oil prices surged toward $110 per barrel as the closure of the Strait of Hormuz continues to disrupt global supplies. Investors are increasingly concerned that the prolonged geopolitical conflict between the U.S. and Iran will sustain inflationary pressures, leading energy stocks to outperform while broader market sentiment remains cautious.

U.S. Treasury yields moved sharply higher, with the 10-year note touching 4.37% as markets braced for a "higher-for-longer" interest rate environment. This rise in yields is driven by surging oil prices and skepticism over recent peace proposals, prompting traders to hedge against the possibility of long-dated bond yields exceeding 5%.

The Conference Board reported that consumer confidence climbed to 92.8 in April, its highest level so far this year. This optimism is primarily supported by a strong labor market and improved income expectations, though rising gasoline prices and geopolitical tensions continue to weigh on long-term sentiment.