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US stocks dip as oil prices rise
U.S. stock futures declined as oil prices rose due to escalating geopolitical tensions, particularly the war between Washington and Tehran and trade tensions with Canada. The Dow Jones dropped approximately 491 points, while the S&P 500 and NASDAQ 100 also fell. This came amid a 2.3% increase in Brent crude to $99.22 and a 3.3% rise in West Texas Intermediate to $94.54, driven by tensions in the Strait of Hormuz and exchanges of military strikes. As oil prices surged, US Treasury bond yields hit record levels, with expectations of a 60% chance of an Federal Reserve interest rate hike before the release of inflation data. Additionally, Canada imposed retaliatory tariffs worth $20 billion on American goods. In response, Trump threatened to ban Bombardier's aircraft sales in the US market, leading to a broad decline in Asian and European markets.
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