Finance

Energy markets saw notable gains as Brent crude oil climbed over 3% to settle above $94 a barrel, driven by ongoing fighting in the Middle East and physical bottlenecks across international shipping waterways. The surge in oil prices has reignited market anxieties over potential reaccelerations in inflation, weighing on overall investor sentiment.

The yield on the 10-year U.S. Treasury note surged to approximately 4.67% on Wednesday, reaching its highest intraday level since mid-May. Fixed income assets faced pressure as climbing energy prices and sustained military spending forced bond investors to price in a higher probability of impending interest rate hikes by the Federal Reserve.

Bitcoin stabilized near $65,900 after temporarily breaking past $66,000, supported by six consecutive days of positive inflows into U.S. spot Bitcoin ETFs. While market momentum was balanced by macroeconomic headwinds, crypto traders kept a close watch on the Senate as lawmakers released an updated draft of the Digital Asset Market Clarity Act, which continues to face political gridlock regarding conflict-of-interest regulations.