US-Iran Tensions Send Oil Prices Soaring Amid Inflation Fears

Renewed US-Iran tensions sent oil prices surging on Monday, driven by President Trump's claim that Iran's main crude export terminal was under attack. West Texas Intermediate (WTI) crude jumped 2.5% to $85.49 a barrel, while Brent added 2.7% to $90.47.

The spike in oil prices fueled inflation fears and pushed the 10-year Treasury yield up 5 basis points to 4.76%, its highest since January 2025. The 30-year yield climbed 6 basis points to 5.26%, while the 2-year yield eased 1 basis point to 4.34%.

On Wall Street, the S&P 500 slipped 0.5% to 7,677, and the Dow Jones Industrial Average shed 336 points, or 0.6%, to 53,224. Chevron Corp led the blue chips higher with a 2.8% gain.