Oil Jumps 8% as Stocks Fall, Hormuz Blockade Threat
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- WTI crude opened over 8% higher, climbing back above $100 and topping $105 per barrel.
- European gas futures surged more than 10% as their trading day expanded to 21 hours from 10 hours on Monday.
- AUD/USD fell roughly 1% in early FX trading, reflecting risk‑off sentiment.
- EUR/USD weakened about 0.5% in early FX trading, reflecting risk‑off sentiment.
- Bitcoin dropped notably but stayed above pre‑ceasefire levels.
- S&P futures fell over 1% on Sunday evening, while Treasury futures fell, implying a 5‑basis‑point rise in 10‑year yields.
- Morgan Stanley analyst Michael Wilson warned the final phase of a market correction could be difficult and may require another test if rates or bond volatility rise.
Why it matters: Energy traders gain as WTI jumps over 8% and gas futures rise >10%, while equity investors see S&P futures fall >1% and currencies like AUD and EUR weaken 0.5‑1%. The stronger dollar pushes gold below $4,700, highlighting a shift toward safe‑haven assets amid heightened Middle‑East tension.
