US EditionOil Prices Continue to Climb, Hitting Their Highest Level in Nearly 2 Years
Oil prices surged nearly 5% to $85.41 per barrel as Iran conflict raised fears of supply disruptions, causing U.S. stocks to fall sharply and Treasury yields to rise.
- On Thursday, U.S. stocks sank after benchmark U.S. crude surged 8.5% to $81.01 per barrel; the S&P 500 fell 0.6% and the Dow briefly dropped more than 1,100 points before losing 784.
- Rising supply worries from the war with Iran pushed oil higher, with roughly a fifth of global oil flows at risk near the Strait of Hormuz, intensifying market fears Thursday.
- Treasury yields climbed to key highs as the 10-year Treasury yield rose to 4.13% Wednesday; the benchmark 30-year fixed mortgage rate hit 6%, while American Airlines, United Airlines, and Delta Air Lines sank 5.4%, 5%, and 3.9%.
- Higher oil is feeding inflation concerns that could keep Federal Reserve policy restrictive, with average gasoline price $3.25 per gallon up 9%, and traders pushing back Fed cut expectations into summer.
- Analysts warn a prolonged rise toward $100 would strain the global economy, while Brent crude climbed 4.9% to $85.41 per barrel amid volatile moves.
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