Finance

Energy commodity prices surged significantly following direct military strikes on Iranian assets, renewing concerns over trade flow disruptions in the Strait of Hormuz. Global benchmark Brent crude rose above $90 a barrel, bolstering energy sector shares like Chevron and ExxonMobil while simultaneously fueling broader market anxiety over persistent consumer inflation.

The yield on the 10-year U.S. Treasury climbed to 4.79%, adding intense pressure to corporate valuation multipliers across the financial markets. Investors aggressive repriced monetary expectations, with the probability of a September interest rate hike climbing to approximately two-thirds according to CME FedWatch data following recent central bank commentary.

The combination of swelling bond yields and growing rate-hike probabilities acted as a direct headwind for non-yielding assets. Spot gold pulled back below $4,450 an ounce to continue a multi-session decline, while digital currencies mirrored the downward trend with Bitcoin slipping toward the $77,000 threshold.