US Treasury Secretary Scott Bessent’s promise that he has more tools to fight rising bond yields did little to calm US markets, as skeptical Wall Street investors resumed selling stocks, among other things, worrying about increased inflation and government borrowing.
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The lack of progress on the opening of the Strait of Hormuz further increased anxiety on trading floors. Oil prices have gradually risen over the past two weeks as the US and Iran remain at an impasse. On Friday, they stabilized somewhat. West Texas Intermediate oil prices hovered around $87.83 per barrel, while Brent oil prices rose 0.1% to $93.89 per barrel.
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