Commodities
US Strikes Send Dow Tumbling as Oil Prices Soar Above $85
The Dow Jones Industrial Average plummeted on Monday, down around 300 points to approximately 53,250, following US strikes against Iranian targets and subsequent retaliatory attacks in Jordan and the United Arab Emirates.
Crude oil prices surged more than 2% above $85.00 per barrel, while Treasury yields also increased, signaling tighter financial conditions rather than a traditional safe-haven play.
This development has led to a repricing of Federal Reserve rate hike expectations, with September odds now near 60%, implying a target range of 3.75% to 4.00%.