Commodities
Brent Crude Surges to $96 as Global Bond Market Sells Off
The Brent crude oil price surged to $96 on Wednesday, marking its third consecutive day of gains. This upward trend in oil prices is partly due to the escalating conflict between the US and Iran in West Asia.
Meanwhile, the global bond market experienced a sell-off, with yields surging to multi-year highs across most G-7 nations. The US-Iran war and subsequent rise in crude oil prices are significant triggers behind this development, but they are not the sole cause.
The price of gold and silver also faced downward pressure due to rising US Treasury yields, a stronger dollar, and growing expectations of a Federal Reserve rate hike.