US Treasury yield hits 4.95% as oil surpasses $100 per barrel
U.S. interest rates reached a 19-year high while global oil prices broke the critical $100 barrier amid escalating Middle East tensions.
The 10-year U.S. Treasury note yield climbed to 4.954%, its highest level since October 2023, on Friday. This surge followed a trading day where yields touched 4.95% after surging during the previous session. Simultaneously, crude oil prices reached historic highs with West Texas Intermediate futures jumping over $100 per barrel and Brent crude settling above $108 per barrel. These geopolitical-driven price spikes weighed heavily on equity markets; the Dow Jones Industrial Average lost more than 300 points in regular trading. Week-to-date, major global indices are projected to decline significantly: the Dow is on track for a 2.5% fall, while the S&P 500 and Nasdaq are heading for losses of 1.6%. Traders remain focused on upcoming August consumer price index data due later Friday to gauge inflation trends before the Federal Reserve decision.
