US-Iran Standoff Sends Shockwaves Through Global Markets
The standoff between the US and Iran has sent shockwaves through global markets, pushing oil prices higher and causing investors to shy away from risky assets like Bitcoin.
Oil prices rose on Tuesday as the Strait of Hormuz remained closed, with Brent crude climbing 1.8% to $89.34 a barrel. The situation is raising concerns about energy-driven inflation, with the 10-year Treasury yield rising to 4.73%. The Federal Reserve may consider hiking rates if oil prices stay high.
The US stock market was also affected, with Dow futures slipping 64 points or 0.1% as investors waited for key inflation data on Wednesday. S&P 500 and Nasdaq futures were mostly flat. Intel raised $20 billion from a stock offering, priced at $95 per share, but its shares fell over 4% on the news.
Riot Platforms surged more than 20% in after-hours trading as it signed a $9.1 billion cloud computing deal with Anthropic. The company's shares jumped due to the long-term contract that will cover 191 megawatts of computing capacity at its Texas campus.