Commodities
Escalating US-Iran Conflict Sends Oil Prices Soaring Above $90
The US-Iran conflict escalated further on September 2, driving up oil prices and pushing WTI crude above $90. Brent crude rose even higher, reaching a high of $97.04.
Analysts noted that if the military conflict continues to expand and disrupt shipping in the Strait of Hormuz, global crude oil supply could face greater pressure.
The rapid rise in oil prices exacerbated market concerns about a rebound in inflation, driving US Treasury yields higher. The 10-year US Treasury yield rose to around 4.8%, increasing expectations for a Federal Reserve rate hike in September.