Middle East Fears Send Oil Soaring
Oil topped $108 as Middle East turmoil drove up borrowing costs and weighed on stocks.
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Oil prices climbed back above $100 a barrel as the Iran war disrupted Gulf and Red Sea shipping, with Brent briefly topping $108 and WTI closing at $102.48. The move reflected fears of a longer supply shock after intensified U.S.-Iran fighting, renewed Houthi attacks tied to Saudi exports, and Trump saying he was not seeking a deal with Iran. Government bond yields rose as investors priced in higher inflation and borrowing costs. U.S. stocks fell, with the S&P 500 and Dow down 0.6% and the Nasdaq off 0.7%.
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