Oil Prices Surge and Sovereign Yields Rise Amid Geopolitical Tensions in Strait of Hormuz

Oil prices increased by 3.0%, with Brent crude surpassing $74 per barrel, following attacks near the Strait of Hormuz and tightened U.S. sanctions on Iranian crude, renewing concerns about oil shipment disruptions. This geopolitical development also led to a rise in sovereign yields across the board, particularly in the U.S., as investors prepared for upcoming debt auctions.