Oil prices rise as Middle East strikes stoke supply fears
Oil prices and global markets moved sharply as supply fears from fighting around the Strait of Hormuz and Houthi attacks in the Red Sea pushed crude higher and lifted yields. Crude has soared more than 30 percent in the past week, with Brent near $110 and US WTI above $104, while the 30-year US Treasury yield reached 5.36 percent and 10-year yields neared 5 percent. The moves pressured global stocks, prompted ECB rate action, and raised odds of a US rate hike, increasing risks of higher inflation and tighter monetary policy worldwide.
Global crude jumped over 30 percent in the past week
Context
The US and Iran exchanged strikes near the Strait of Hormuz. Yemen's Houthis seized Mocha and hit Saudi energy targets. If the fighting continues, oil could rise further and central banks may tighten policy.
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