Oil prices climbed 6% to $88.60 a barrel after a 12% plunge, driven by volatile geopolitical tensions in the Middle East. Asian stocks opened higher as investors braced for potential supply disruptions. U.S. Energy Secretary Chris Wright’s erroneous claim about a Navy tanker escort through the Strait of Hormuz triggered market whiplash, underscoring uncertainty over energy security. Meanwhile, Oracle shares surged 8% post-market on AI-driven revenue beats, contrasting with the S&P 500’s flat finish.

Treasury yields rose as bond markets grappled with conflicting signals from geopolitical risks and inflation data.