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Oil prices rose sharply on Thursday as escalating Middle East tensions increased concerns about potential supply disruptions. Brent crude gained more than 2% to around $102.30 per barrel, while WTI rose 1.8% to around $89.88.
The move was driven by reports that the US may be considering renewed large scale military operations in Iran, potentially in the coming weeks.
In the US, stock futures were mostly unchanged early Thursday after the S&P 500 pulled back from a record high in yesterday’s session, pressured by a sharp rise in Treasury yields.
Bond yields remain the main source of pressure, with the 10-year Treasury yield reaching 5.36%, its highest level since 2002, while the 30-year yield climbed to 5.73%.
Asian markets were also broadly lower, with Japan’s Nikkei down 1%, South Korea’s Kospi falling more than 2%.
Investors will focus today on weekly US jobless claims for further clues about corporate strength and the labor market.
Gold remains under pressure, trading around $4,120, after falling to $4,065 on Wednesday as a stronger US dollar and elevated Treasury yields limit its recovery from a recent two-month low.
The Fed’s September meeting minutes showed a hawkish stance, with most officials supporting another rate hike before year-end to combat persistent inflation. Markets still expect the Fed to pause in October but are pricing around an 80% probability of a December hike.
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