Oil tops $100 as tanker attacks jolt stocks, lift Treasury yields
Why it matters: Higher energy prices are reviving inflation fears, pushing the 10-year Treasury yield above 4.7% and pressuring equities.
Oil climbed above $100 a barrel and major U.S. stock indexes fell Thursday after attacks on tankers off Saudi Arabia deepened worries that the U.S.-Iran conflict could widen and keep energy prices high. Brent crude rose past $100, while West Texas Intermediate jumped 6% to $92 a barrel, CNBC reported. The S&P 500 headed for its biggest one-day drop in a month, and the 10-year Treasury yield moved above 4.7%, its highest level since January 2025. Gold held near $4,120 an ounce after gaining over the previous two days as investors weighed safe-haven demand against the risk that higher oil prices could keep U.S. inflation elevated and delay Federal Reserve rate cuts.