Oil prices surged Thursday with Brent crude topping $100 a barrel for the first time since May, while U.S. crude jumped 6.2% to $92.19. The spike came as President Trump warned Iran could face "major military punishment," reigniting supply fears.
Higher energy costs rippled through markets, pushing the 10-year Treasury yield to its highest level of Trump's second term. The Dow Jones Industrial Average and S&P 500 each fell roughly 1%, while the Nasdaq dropped more than 2% amid concerns over big tech's AI spending.
Mortgage rates climbed to 6.58%, the highest in nearly a year, with some economists forecasting rates approaching 7%. The inflationary pressure threatens the U.S. economy and complicates Republican prospects ahead of the midterm elections.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing