Oil Prices Soar on Supply Fears, Dragging Stocks Lower

International oil prices surged on Middle East supply disruption fears, leading to a sharp rise in West Texas Intermediate (WTI) crude futures by 4.4% to $105.83 per barrel.

The US 10-year Treasury yield broke above 5%, reaching its highest level since 2007, as investors worry about inflation and rising energy costs.

The Dow Jones Industrial Average fell for the second straight day, closing at 52,093.11, while technology stocks declined due to concerns over future earnings and government bond yields.