Finance

Crude oil benchmarks experienced a significant surge, with Brent crude climbing past $104 a barrel due to a new tanker attack in the Persian Gulf and supply disruptions from a hurricane in the Gulf of Mexico. Prices later moderated slightly after comments from President Trump indicated the U.S. is engaged in productive dialogue with Iran and does not intend to launch strikes ahead of the midterm elections.

U.S. government bond yields initially jumped close to multidecade highs following statements from Federal Reserve Governor Christopher Waller suggesting that several interest rate hikes might be required to properly manage inflation. However, the 10-year yield ultimately eased back down to end near 5.23% as a robust Treasury notes auction and de-escalating geopolitical rhetoric prompted buyers to step back into the market.

Wall Street finished the session on a divided note as the tech-heavy Nasdaq Composite dropped over 1% and the S&P 500 slid 0.47%, pulling back from recent all-time highs. Conversely, the Dow Jones Industrial Average managed to eke out a modest gain of 0.1%, benefiting from a late-day retreat in Treasury yields that provided relief to non-tech components.