Commodities
Trump's Comments Cool Oil Prices and Boost US Stocks
US stocks snapped their three-day losing streak on Wednesday after President Donald Trump said that Iran action may not last long and emphasized the US has secured control of the Strait of Hormuz.
The remarks cooled a relentless surge in international oil prices, with Brent Crude rising 1% to settle at $95.63 per barrel and West Texas Intermediate (WTI) gaining 0.9% to settle at $91.01 per barrel.
US Treasury yields retreated from multi-year highs after Trump's comments, easing market concerns over inflation and Federal Reserve rate hikes. The yield on the 10-year US Treasury note climbed as high as 4.818% intraday before paring gains to around 4.78% in late trading.