Oil tops $90 as inflation fears push US 10-year yield to highest since January 2025

Oil prices surged past 90 dollars with Brent crude at 92 per barrel and US crude at 87.67, driven by Iran-related disruptions to the Strait of Hormuz which handles about 20 percent of global oil shipments. US 10-year Treasury yields climbed to 4.79 percent, the highest since January 2025, while the 2-year yield rose to 4.35 percent, fueling inflation fears and expectations of a Fed rate hike. Wall Street fell sharply with the S&P 500 down 0.7 percent, Nasdaq off 1.4 percent, and Dow down 0.6 percent, as a global bond sell-off spread with Japan and Germany 10-year yields hitting multi-decade highs.