Brent crude surges past $90 and European gas hits €60.00, pressuring bonds as investors brace for key tech earnings this week.
Brent crude climbed above $90 a barrel for the first time in over a month as escalating Gulf conflict disrupted shipping in the Strait of Hormuz. European gas prices also rose, with the benchmark reaching €60.00 per megawatt hour, the highest since mid-March.
The surge in energy costs reignited inflation concerns, pushing U.S. Treasury yields higher. The 10-year yield rose to 4.55%, while 30-year yields breached 5.0%, a level that historically draws investor attention. Markets now price in at least one Federal Reserve rate hike by year-end.
Investors are also eyeing a busy week of major tech earnings, which could further test the AI-driven rally. The combination of higher energy prices and earnings uncertainty has left equities on edge.