Commodities
Hormuz Tensions Send European Markets into Red Zone
European stock markets closed in the red on Tuesday amid tensions over the Strait of Hormuz and rising bond yields. The Milan Stock Exchange led the way, falling by 1.1%.
The global market is under pressure due to a rise in crude oil prices, which has been fueled by US-Iran tensions. This has also driven up Treasury yields to their highest level since 2007.
On Wall Street, the Nasdaq saw significant losses, plummeting by 1.33%, while the Dow Jones fell by 0.22% and the S&P 500 index dropped by 0.66%. The tech sector is under pressure due to profit-taking in the sector.