West Asia Tensions Send Brent Crude Soaring Over 4%

Crude oil prices surged on Monday amid renewed hostilities in West Asia, with Brent crude jumping over 4% to reach approximately $87.50 per barrel.

The price increase comes after a US military reported intercepting an Iranian 'surprise attack' on its forces and retaliated against the Islamic Republic.

This has reignited fears regarding energy supply interruptions, leading investors to refocus on the Strait of Hormuz.

As a result, Treasuries experienced a downturn across the yield curve, with the yield on the benchmark 10-year note rising by one basis point to 4.62%.

In contrast, Asian stock markets gained ground, with technology stocks in Asia seeing modest increases following Tuesday's market selloff.