Crude Oil Prices Surge Past $90 Amidst US-Iran Tensions
Summary
Crude oil prices have climbed above $90 a barrel as hopes fade for a quick resolution to the US-Iran conflict. The rise has pushed up government bond yields in the US, Germany and other countries amid renewed inflation concerns.
Key Points
- Brent crude rose to $91 a barrel in London, the highest level since the end of July.
- West Texas Intermediate climbed to $85 a barrel as the 60-day US-Iran ceasefire expired without progress toward peace.
- Reports that Donald Trump warned Oman could be bombed if it interfered in the Strait of Hormuz added to market anxiety.
- Higher oil prices also lifted government bond yields, with the US 30-year Treasury reaching 5.33 percent and Germany's 10-year bond hitting a 15-year high.
