Oil surges $6.43 to $102 on Red Sea chokepoint fears, dragging stocks to a fourth straight loss

WTI crude settled at $102.48 after Houthi forces neared control of the Bab al-Mandeb Strait, pushing the 10-year Treasury yield to 4.957% and the S&P 500 down 0.58% to 7,592.

Deepakshi

Kristal Research & Marketing team

11 Sept

Key takeaways — AI summary

West Texas crude jumped $6.43 in one session to settle at $102.48 a barrel, with Brent at $107.63, after Iranian media reported Houthi forces close to full control of the Bab al-Mandeb Strait, a second chokepoint alongside Hormuz.
The S&P 500 fell 0.58% to 7,592 and the Nasdaq 100 dropped 1.08% to 29,104, a fourth straight down day, with only consumer staples and communication services (+0.25%) closing green; materials fell 1.48%.
Bond yields rose with oil: the 10-year Treasury closed at 4.957%, its highest since November 2023, the 30-year at 5.373% and the two-year up 0.13 points to 4.565%; markets assign roughly 70% odds to a US rate hike in September.
August wholesale prices rose 0.4% monthly and 5.4% yearly, but core rose just 0.2%; energy explained more than three-quarters of the goods-price rise, with diesel alone over a third.
Oracle rose about 4% after hours on 30% revenue growth to $19.3 billion and a $209 billion jump in committed future revenue to $664 billion, while American Eagle fell 15.72% on a weak profit outlook.

Generated by Kristal AI · reviewed by the research desk

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