Oil took the spotlight as Iran stuck with a seven‑day plan to reopen the Strait of Hormuz without easing its conditions, and President Donald Trump rejected Tehran's latest pitch. Brent crude rose 1.9% to around $106.30 a barrel, rekindling inflation worries that bled into other assets.
Equity-index futures were softer, with S&P 500 and Nasdaq 100 contracts down about 0.3% in early Asian trade. Treasury futures signaled a weaker open, and Australia's 10‑year government bond drifted lower.
The dollar gained against most major peers while the yen slipped. Gold declined 0.5% to about $4,260 an ounce, with the oil surge reviving inflation worries that often feed expectations for higher rates.
In the prior week, a gauge of global bonds saw its average yield break through the 4% mark, a level not seen since 2007, stoking worries that pricier borrowing could crimp the economy and corporate earnings. Futures markets now imply with full conviction at least one additional 25‑basis‑point increase before year‑end.
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Fed officials say the combination of solid economic expansion and tight employment conditions could still warrant more tightening. Cleveland Fed President Beth Hammack said those forces, together with concern over government debt, are pushing up long‑term Treasury yields. Treasury Secretary Scott Bessent sounded more dovish, saying policymakers should keep an "open mind" regarding the path of interest rates, highlighting that productivity improvements linked to artificial intelligence and efforts to roll back regulation could help keep inflation contained.
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