Stocks Plunge Amid Energy Shock Concerns and Rising Yields

Global stocks declined on Tuesday, following a selloff in the previous session. The MSCI world stock index fell by 0.28%, while Europe's STOXX 600 dropped 0.89% to its lowest level since June 12.

The decline came as investors grappled with rising US Treasury yields, which reached their highest level since 2007. The U.S. 10-year Treasury yield hit peaks not seen since 2007 on Tuesday as traders priced in a series of rate increases from the Federal Reserve.

Oil prices were up, with benchmark Brent crude futures above $107 per barrel due to concerns over an energy shock. Thierry Wizman, global forex and rates strategist at Macquarie Group, said Iran's strategic military doctrine has shifted toward pre-emptive attack.