Brent Crude Soars Above $100 as Yemen War Threatens Global Economy
Brent crude prices surged to their highest level since May 26, settling above $100 per barrel after Yemen's Houthis claimed strikes on two Saudi oil tankers in the Red Sea. This move has opened a second chokepoint in the war that has already throttled the Strait of Hormuz.
The inflation genie seems to be rattling the bottle, with the 10-year Treasury yield climbing to its highest since January 2025 and bonds selling off. The 30-year Treasury yield is now above 5%, its longest stretch above 5% since 2007.
President Donald Trump said the U.S. will hold Iran responsible for any further attacks, warning of 'major military punishment' as American forces completed a 13th consecutive night of strikes on Iran. The House voted to direct Trump to remove U.S. forces from hostilities with Iran, but the Senate rejected its version.