Stocks Plummet as Oil Prices Soar and Bond Yields Reach Highest Level Since 2007

Global stock markets declined on Wednesday as oil prices surged and US bond yields rose due to inflation concerns. The price of North Sea Brent crude increased by 3.86% to $103.08 per barrel, while West Texas Intermediate (WTI) crude gained 1.81% to reach $92.16 per barrel.

The benchmark US 10-year Treasury yield rose to its highest level since 2007 at 5.11%. This sharp increase in bond yields and oil prices contributed to the decline in stocks, with the Dow Jones falling 0.68%, the S&P 500 sliding 0.75%, and the Nasdaq shedding 1.13%.

Angelo Kourkafas of Edward Jones told AFP that 'there is now the notion that the Fed will continue to hike rates, not one and done.'