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Crude oil’s six-day climb and higher yields weigh on the Dow

WTI has risen for six straight sessions while the two-year Treasury yield is at its highest since January 2025, reinforcing discount-rate pressure on equities.

Reported · Written up by our desk · Major Pairs

The Dow Jones Industrial Average traded near 52,900, about 190 points lower in the first session since the market holiday, as crude oil and interest rates moved in tandem against equities, according to FXStreet.

Crude has extended a six-session run, with West Texas Intermediate rising for the longest stretch since March and Brent trading near $98.00, while the two-year Treasury yield moved to its highest level since January 2025 and the 10-year yield stayed above 4.80% after surpassing the November 2023 peak last week.

FXStreet links the pressure to the broader discount rate equation for the index, noting that higher yields both lift the rate used to discount cash flows and raise funding costs for financial and consumer credit-heavy names. On the policy calendar, futures pricing implied roughly 58% odds of a quarter-point increase at the September 15 to 16 meeting.

On the energy side, FXStreet points to war-driven supply constraints, citing reported strikes affecting tanker routes near the Strait of Hormuz and disruptions at Saudi Aramco facilities, alongside reduced tanker traffic and tighter refining capacity. The brief also highlights that Canada’s retaliatory tariffs took effect overnight on about $20 billion of U.S. goods, with rates of 15.0%, 25.0%, and 50.0% across more than 700 items, adding another cross-asset strain to markets.

Latest closeWTI crude $90.70 ▲0.5%|Brent $95.32 ▲0.7%|Dow Jones 53,061.95 ▲0.6%

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