Finance

Crude oil benchmarks surged following military actions in the Strait of Hormuz. West Texas Intermediate futures topped $100 a barrel and Brent crude climbed toward $105, hitting their highest marks since late May and amplifying broader macroeconomic concerns about persistent inflation.

U.S. sovereign bond yields continued their upward trajectory, with the 10-year Treasury yield hitting its highest point in nearly three years at over 4.9%. Investors remain squarely focused on underlying inflation risks and supply pressures, disregarding the Treasury Department's expanded $6 billion bond-buyback initiative.

The U.S. Producer Price Index rose 5.4% on an annual basis for August, coming in slightly hotter than the projected 5.3% estimate. Coupled with a recent interest rate hike by the European Central Bank, the data has strengthened predictions that the Federal Reserve will raise its benchmark interest rate at next week's policy meeting.