Hormuz Halt Sends Shockwaves Through Global Markets

Tensions between the U.S. and Iran have intensified, weighing on global market sentiment as traders worry about disruptions to oil traffic through the Strait of Hormuz.

Oil prices surged nearly 2% higher, with Brent Oil Futures rising to $89.69 per barrel and Crude Oil WTI Futures reaching $84.09 per barrel.

The uptick in crude oil prices has led to a corresponding increase in sovereign bond yields across regions, while gold prices extended their gains but remained under pressure from profit-taking.

Cryptocurrencies are trading mostly on the negative side, with Bitcoin down 1.18% at $64,222.06 and Ethereum down 1.70% at $1,884.84.