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WTI rises 3% as higher yields and tighter risk sentiment weigh on markets

The move comes as 10-year Treasury yields climbed back above 5.2%, with the oil jump stoking inflation concerns.

Reported · Written up by our desk · Energy

In Europe trading, oil prices gained as US President Trump rejected an Iran proposal related to reopening the Strait of Hormuz, pushing WTI crude higher, according to Forexlive.

WTI was up more than 3% to $95.77, while the bond selloff continued, with 10-year Treasury yields moving back above 5.21% and briefly touching 5.23%, the highest level since 2007.

Forexlive said the combination of higher oil and higher yields weighed on broader risk sentiment, pulling down US stock futures as valuations face pressure from higher rates and borrowing costs.

S&P 500 futures were down 0.5% and Nasdaq futures were down 0.8%, as tech led declines.

Latest closeWTI crude $92.44 ▼2.3%|S&P 500 7,743.41 ▲0.5%|Nasdaq Comp. 27,068.72 ▲0.5%

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