Brent Crude Nears $90 Amid US-Iran Conflict

The global markets have turned cautious due to fresh US-Iran military escalation, which has pushed oil prices higher. Brent crude is nearing $90 a barrel, as concerns of a wider conflict grow.

US Treasury yields climbed after Fed Chair Kevin Warsh's Jackson Hole speech increased rate hike expectations. The CME FedWatch Tool shows that the chances of a September rate hike have risen to 57% from 35%. This has added to the risk-off mood, causing gold prices to fall by 3.5%.

In India, the Gift Nifty signal indicates a lower opening for the markets. The Nifty is heading for its third straight weekly decline, marking its longest losing streak in five months.