FTSE 100 opens flat as oil supply concerns weigh on markets, while Wickes and MJ Gleeson report higher revenue and Brent crude rises.

Market Overview

The FTSE 100 opened broadly unchanged at 10,697.76, as higher oil prices and Middle East supply concerns remained in focus ahead of the Federal Reserve meeting. In Europe, the Euronext 100 slipped 0.01 per cent to 1,879.22 and Germany’s DAX fell 0.44 per cent to 25,329.75, with geopolitical tensions, elevated bond yields and caution ahead of the Fed weighing on sentiment. In the US, the Nasdaq closed lower at 26,186.41, while the S&P 500 fell to 7,619.98.

Commodity markets were mixed, with copper and gold moving lower while Brent crude and natural gas edged higher. Oil remained supported by concerns over Middle East supplies following further Houthi attacks on Saudi Arabia and delays to talks over reopening the Strait of Hormuz. Against sterling, the US dollar, Swiss franc, euro, Japanese yen and Australian dollar weakened marginally, while Bitcoin fell.

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Market Numbers

FTSE 100: Down (0.001%), 10,697.76
Euronext 100: Down (-0.01%), 1,879.22
DAX: Down (-0.44%), 25,329.75
NASDAQ: Down, 26,186.41
S&P 500: Down, 7,619.98

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In the Headlines

Revenue Growth – Wickes Group (LSE:WIX)
Home improvement retailer Wickes reported a 2.1% increase in first-half revenue, with Design & Installation sales rising 5.7%. The figures highlight growth in the division alongside the group’s wider first-half trading performance.

Revenue Rises – MJ Gleeson (LSE:GLE)
Housebuilder and land developer MJ Gleeson reported a 12.1% increase in FY26 revenue, while adjusted profit declined. The results show higher annual sales alongside pressure on underlying profitability.

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Currencies (vs GBP)

USD: Down (-0.001%), $1.3501
CHF: Down (-0.001%), Fr.1.1034
EUR: Down (-0.01%), €1.1691
JPY: Down (-0.01%), ¥208.4675
AUD: Down (-0.001%), $1.8916
Bitcoin (BTC/GBP): Down, £57,234.11

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Commodities

Copper: Down
Gold: Down
Brent Crude: Up
Natural Gas: Up

US equity futures traded lower on Tuesday as the Federal Reserve prepared to begin its two-day policy meeting, with investors also assessing higher Treasury yields, oil prices and developments affecting energy supplies in the Middle East.

Dow futures declined 266 points, or 0.5%, as of 03:20 ET. S&P 500 futures were down 28 points, or 0.4%, while Nasdaq 100 futures fell 90 points, or 0.3%.

The moves followed declines across the main Wall Street indices in the previous session. Semiconductor stocks were among those moving lower, with the Philadelphia Semiconductor Index recording its largest one-day decline since July.

US government bond yields also increased, with the benchmark 10-year Treasury yield moving above 5% for the first time since 2023.

Deutsche Bank analysts said: “It was another session where September lived up to its reputation as the worst month of the year for asset performance, with bonds and equities continuing to struggle.”

The bank’s analysts said they would also be watching US Treasury Secretary Scott Bessent’s testimony before the House Financial Services Committee “to see if he tries to lean in some credible way against the rising tide of bond yields.”

Fed Rate Decision Due Wednesday

The Federal Reserve was set to begin its latest monetary policy meeting on Tuesday before announcing its interest-rate decision on Wednesday.

CME FedWatch indicated that financial markets were assigning a roughly 92% probability to a 25-basis-point increase in the federal funds rate. If the Fed implements such an increase, its target range would rise to 3.75%-4%.

Deutsche Bank said approximately 90 basis points of rate increases were being priced in by the June 2027 Fed meeting, two basis points more than in the previous session.

Investors are assessing the policy outlook against recent economic data showing continued inflationary pressures and resilience in the US labour market.

Middle East Developments Keep Oil Supply in Focus

Oil prices extended their gains on Tuesday as developments in the Middle East continued to affect expectations for regional supply and shipping.

Talks between Iran and Gulf countries concerning the reopening of the Strait of Hormuz remained suspended.

Iran-aligned Houthi forces in Yemen carried out additional strikes against Saudi Arabia on Monday and continued operations around shipping routes in the Red Sea and Bab el-Mandeb Strait.

The latest developments followed attacks that took Saudi Arabia’s East-West pipeline offline. Analysts cited in the source estimated that further disruption could affect supplies equivalent to around 4%-5% of the global total.

Former DeepMind Researcher Raises AI Concerns

Former Google DeepMind research engineer Bilal Chughtai raised concerns about the potential consequences of increasingly capable artificial intelligence systems after recently leaving the company.

Chughtai said he believes that AI systems exceeding human capabilities could potentially emerge within the next several years and pose significant risks.

“I earnestly believe that AI has the potential to kill us all, and that we might be running out of time to avoid this outcome,” Chughtai said on social media.

His comments followed other calls for additional safeguards around advanced AI. Former Anthropic researcher Jacob Coxon said concerns about potential AI risks contributed to his decision to leave the company, while Anthropic Chief Executive Dario Amodei has called for greater regulation and a slower pace of development.

Chinese Industrial Output Beats Expectations

China reported a 5.2% year-on-year increase in industrial production for August, above expectations for 4.8% growth and compared with 4.5% in the previous month.

The source linked part of the increase to overseas demand for Chinese products, including batteries, electronic components and networking equipment.

Fixed-asset investment declined 7.2% in the year through August, compared with expectations for a 7.0% fall. The measure of public and private capital spending has been negative since April.

European equities moved lower on Tuesday as investors assessed developments in the Middle East, higher sovereign bond yields and the upcoming Federal Reserve monetary policy decision.

The Stoxx Europe 600 fell 0.4%, while Germany’s DAX declined 0.2%. France’s CAC 40 and London’s FTSE 100 were both down 0.4%, while Italy’s FTSE MIB fell nearly 1%.

Investors were also monitoring calls from technology industry executives for a slower approach to the development of advanced artificial intelligence systems.

Brent Crude Rises Above $113

Brent crude futures increased 1.2% to more than $113 per barrel, extending gains recorded over recent weeks.

Saudi Arabia blamed Iran-backed groups in Iraq for an attack on the country’s East-West oil pipeline. Saudi officials said the resulting disruption could affect supplies equivalent to as much as 4% of global oil consumption.

Separately, Houthi forces in Yemen carried out further attacks on Saudi territory and maritime routes on Monday.

Regional peace talks in Oman were postponed, while uncertainty continued over the timing of a potential reopening of the Strait of Hormuz.

Markets Price 90% Probability of Fed Rate Increase

The Federal Reserve was due to begin its two-day monetary policy meeting on Tuesday, with an interest-rate decision scheduled for Wednesday.

Financial markets were pricing in approximately a 90% probability of a 25-basis-point increase in the federal funds rate.

If implemented, the move would represent the Federal Reserve’s first interest-rate increase since mid-2023.

The meeting follows the European Central Bank’s decision last week to increase its key interest rate by 25 basis points to 2.50%.

The FTSE 100 fell 0.60% on Tuesday as investors assessed higher oil prices, UK labour-market data and developments in the Middle East.

Elsewhere in Europe, Germany’s DAX declined 0.36% and France’s CAC 40 fell 0.64%. Sterling was down 0.21% against the US dollar at $1.3472.

UK unemployment remained at 4.9% in the three months to July, below the 5% forecast. However, HMRC-based data from the Office for National Statistics showed the number of payrolled employees fell by 101,000 year on year in July, with retail and hospitality recording the largest declines.

Vacancies decreased to 702,000, their lowest level outside the pandemic period in more than a decade, while annual total pay growth slowed to 3.9% from 4.2%.

Liz McKeown, ONS director of economic statistics, said: “The labour market remains broadly stable… however, payrolled employee numbers continue to edge down.”

Oil Prices Rise Above $107

Brent crude rose 1.67% to $107.42 per barrel, while WTI increased 1.7% to $103.09 amid continued disruption to Saudi Arabia’s East-West pipeline and uncertainty over Middle Eastern energy supplies.

ING’s Warren Patterson said Brent had reached an intraday high of close to $110 on Monday and that prices were “likely to remain well supported” until there was greater clarity over the extent of the pipeline damage, which was reportedly expected to keep it offline for several weeks.

Separately, Kpler data cited by Reuters showed vessel transits through the Strait of Hormuz fell to four on Monday from ten previously. Iran’s Islamic Revolutionary Guard Corps also claimed that it had downed a US MQ-1 drone near the strait.

Pakistan and the International Atomic Energy Agency discussed the regional situation, with Pakistan’s foreign ministry saying both sides continued to view the stalled June 17 Iran-US memorandum as the preferred route for reducing tensions.

ExxonMobil executive Andrew Barry said at the Gastech 2026 conference that he expected disruption to Middle Eastern LNG supplies to be short-term. Shell separately estimated that approximately 36 million tonnes of LNG supply from the region had been lost this year.

Gold Falls Ahead of Fed Decision

Gold prices moved lower, with futures declining 0.52% to $4,328.87 and spot gold falling 0.23% to $4,288.93.

ING said gold could face pressure ahead of Wednesday’s Federal Reserve decision as investors assess the potential inflationary effects of higher oil prices.

AI Development Debate Continues

Investors were also monitoring a debate over the development and oversight of advanced artificial intelligence systems.

Anthropic Chief Executive Dario Amodei called for additional safeguards, including independent third-party assessments, and warned about potential risks associated with increasingly capable AI models.

OpenAI Chief Executive Sam Altman and Elon Musk also expressed support for a more measured approach, while US President Donald Trump opposed slowing AI development, arguing that doing so could affect US competitiveness with China.

UK Company Updates

Wickes Group (LSE:WIX) reported a 1.1% increase in first-half adjusted pre-tax profit to £27.6 million, with revenue growth offsetting higher costs. The retailer said it remains on track for approximately 10% growth in adjusted pre-tax profit in 2026.

Trustpilot (LSE:TRST) reported a 23% increase in first-half revenue to $151.4 million, while adjusted EBITDA rose 46% to $26.3 million. The company maintained its full-year guidance for high-teens revenue growth.

Kier Group (LSE:KIE) reported a 7.5% increase in full-year revenue to £4.39 billion and a 6.7% rise in adjusted operating profit to £169.8 million. Its order book stood at £11.9 billion entering fiscal 2027.

European equities moved lower on Monday as investors prepared for a week of major central bank decisions, while higher oil prices, delayed Middle East diplomatic talks and warnings over advanced artificial intelligence development weighed on markets.

The pan-European STOXX 600 fell 0.3%, remaining close to its lowest level in nearly two months. Germany’s DAX declined 0.5%, France’s CAC 40 lost nearly 1%, Italy’s FTSE MIB dropped 1.3% and Spain’s IBEX 35 fell 1.6%.

London’s FTSE 100 moved in the opposite direction, gaining 0.72%.

Technology Stocks Fall Following AI Development Warnings

European semiconductor and technology shares declined after the leaders of OpenAI and Anthropic called for a temporary slowdown in the development of advanced AI models.

BE Semiconductor (EU:BESI) fell 5.2%, while ASML (EU:ASML) declined 4.4%. STMicroelectronics (BIT:STMMI) lost 3.4%, Soitec (EU:SOI) fell 13.7% and Infineon (TG:IFX) declined 8%.

The moves came as investors assessed the potential implications of the AI development debate for technology and semiconductor companies.

Brent Rises as Hormuz Talks Are Postponed

Brent crude futures rose about 3% to trade near $112 a barrel, extending gains that have taken oil prices nearly 40% higher since early July.

The move followed further attacks on Saudi Arabian infrastructure, including a major oil pipeline, while Houthi activity near Red Sea shipping routes added to concerns about wartime supply disruptions.

A diplomatic meeting in Oman between Iran and Gulf Arab states concerning the reopening of the Strait of Hormuz to maritime traffic was also postponed.

Markets Price 86% Probability of Fed Rate Increase

Investors are also preparing for several monetary policy decisions during the week.

Following last week’s European Central Bank interest rate increase to 2.50%, money markets were pricing an 86% probability that the US Federal Reserve would raise its benchmark rate by 25 basis points at its September 15-16 meeting. Swaps markets were also indicating expectations of another quarter-point increase in December.

ECB policymaker Peter Kazimir said on Monday that Eurozone inflation risks could move above existing forecasts as natural gas and electricity prices increase.

While not explicitly calling for another rate increase, Kazimir said that “keeping an open mind should not be mistaken for hesitation”, adding that the central bank would act decisively when supported by the evidence.

The Bank of Japan is widely expected to raise interest rates on September 18, while investors are also awaiting the Bank of England’s policy decision.

Elsewhere, Antofagasta (LSE:ANTO) fell 4% and Aurubis (TG:NDA) declined 3.2% amid lower metal prices.

US equity futures declined on Monday, led by technology stocks, as investors considered calls from artificial intelligence executives to slow the development of advanced AI models and monitored renewed uncertainty surrounding Middle East energy supplies.

Nasdaq 100 futures were down 431 points, or 1.5%, at 03:04 ET (07:04 GMT). S&P 500 futures fell 46 points, or 0.6%, while Dow futures declined 63 points, or 0.1%.

Markets were also preparing for the Federal Reserve’s upcoming interest rate decision. US data showing stronger-than-expected underlying consumer price growth in August contributed to expectations for an interest rate increase this week.

Wall Street had finished the previous week higher as investors monitored diplomatic efforts involving Gulf countries and Iran over tanker traffic through the Strait of Hormuz. A planned regional meeting on the issue has since been delayed.

AI Development Debate Weighs on Technology Shares

Anthropic CEO Dario Amodei called for companies developing advanced artificial intelligence models to reduce the pace of progress, citing risks surrounding the potential misuse of the technology.

“Progress will still seem fast, and we must make wise use of the time we gain,” Amodei wrote in an essay published on Saturday.

The essay followed Anthropic’s disclosure that its Claude AI models had been used by several actors for activities including weapons development and fraud.

Comments supporting concerns about the pace of AI development from OpenAI CEO Sam Altman and xAI chief Elon Musk also drew market attention because of the potential implications for technology-sector capital expenditure.

Deutsche Bank analysts said any changes could affect the “composition of AI capex rather than its scale,” potentially resulting in a greater share of spending being directed towards safety, monitoring and governance.

Altman also said OpenAI would not pursue a possible initial public offering this year because of safety concerns.

SoftBank declined in Japan, while Taiwan Semiconductor Manufacturing Company (NYSE:TSM) traded lower. South Korea’s SK Hynix (NASDAQ:SKHY) and Samsung Electronics (USOTC:SSNHZ) also fell, alongside declines in European technology shares.

Trump Comments on AI Competition With China

US President Donald Trump said the United States should maintain its position relative to China in artificial intelligence.

“We’re leading China in AI. We’re the most sophisticated country in the world and, frankly, I want to keep it that way — because whoever wins AI wins,” Trump told reporters in Ireland.

“We can put guardrails, we can do this and that, but I think you have a lot of negative forces that are bringing it up that shouldn’t be bringing it up, and they’re bringing up things that won’t happen,” Trump added.

Hormuz Meeting Delayed as Regional Supply Risks Continue

A meeting between Gulf countries and Iran over the Strait of Hormuz was postponed after previously contributing to expectations that tanker traffic through the waterway could resume.

Oman’s foreign minister said the meeting had been delayed “in the interests of consensus.”

Iran’s foreign ministry said Tehran would work with Oman to arrange another suitable date, according to Fars news agency.

Iranian officials had previously said an agreement with Oman concerning the reopening of Hormuz would be presented to Gulf Arab states. Before the latest Middle East conflict began in late February, around one-fifth of global oil and liquefied natural gas flows passed through the strait.

Regional energy supply risks also increased after attacks by Iran-backed Houthi militants in Yemen led to the closure of a Saudi east-west oil pipeline. Separate attacks on vessels in the Gulf added to disruption affecting shipping routes.

Oil Prices Rise Following Meeting Delay

Brent crude futures rose sharply on Monday and briefly traded above $108 a barrel. US West Texas Intermediate crude futures also advanced.

ANZ analysts said Saudi Arabia “has now lost the option to use western exports if the Strait of Hormuz deteriorates again.”

“This is likely to put further upward pressure on oil prices this week,” the analysts said.

FTSE 100 opens steady as oil supply fears lift Brent crude, while Brave Bison raises its System1 offer and European markets soften.

Market Overview

The FTSE 100 opened broadly unchanged at 10,650.92, up 0.001 per cent from its previous close, as Middle East supply concerns supported oil-related sentiment in London. The Euronext 100 was also broadly unchanged at 1,901.60, while Germany’s DAX fell 0.26 per cent to 25,501.43 as European markets faced pressure from higher oil prices, central-bank expectations and AI-sector concerns. In the US, the Nasdaq closed higher at 26,333.04 and the S&P 500 rose to 7,656.98.

Commodity moves were mixed, with copper and gold lower while Brent crude and natural gas moved higher. Oil was supported by renewed Middle East supply concerns following further regional attacks and delays to talks over the Strait of Hormuz. Bitcoin rose against sterling. The Australian dollar strengthened marginally versus the pound, while the Swiss franc and Japanese yen weakened slightly; the US dollar was marginally stronger and the euro unchanged.

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Market Numbers

FTSE 100: Up (0.001%), 10,650.92
Euronext 100: Up (0.001%), 1,901.60
DAX: Down (-0.26%), 25,501.43
NASDAQ: Up, 26,333.04
S&P 500: Up, 7,656.98

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In the Headlines

Drilling moves to 2027 – Europa Oil & Gas (LSE:EOG)
Europa Oil & Gas reported cash of £2.8 million while drilling at the Barracuda prospect in Equatorial Guinea is now expected in 2027. The timetable provides investors with an updated schedule for a key exploration programme.

System1 offer increased – Brave Bison (LSE:BBSN)
Brave Bison raised its offer for System1 to 360 pence per share, increasing the proposed consideration in its pursuit of the marketing research and technology company. The revised terms put renewed focus on the takeover process and the response from System1 shareholders.

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Currencies (vs GBP)

USD: Up (0.001%), $1.3526
CHF: Down (-0.001%), Fr.1.1045
EUR: Unchanged (0.001%), €1.1666
JPY: Down (-0.00%), ¥207.5155
AUD: Up (0.01%), $1.8913
Bitcoin (BTC/GBP): Up, £57,638.35

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Commodities

Copper: Down
Gold: Down
Brent Crude: Up
Natural Gas: Up

European equity markets were mixed on Monday as technology and semiconductor shares declined, while investors monitored higher oil prices and prepared for interest rate decisions from several major central banks.

The pan-European STOXX 600 was broadly unchanged. Germany’s DAX was also flat, while France’s CAC 40 declined 0.2%. London’s FTSE 100 gained 0.5%.

The moves came ahead of policy decisions from the US Federal Reserve, Bank of Japan and Bank of England later in the week.

Semiconductor Shares Decline

European technology and semiconductor stocks moved lower after the leaders of OpenAI and Anthropic jointly called for a temporary slowdown in the development of advanced artificial intelligence models.

BE Semiconductor (EU:BESI) shares fell 5.2%, while ASML (EU:ASML) declined 4.4%. STMicroelectronics (BIT:STMMI) was down 3.4%.

The declines affected AI-linked technology and semiconductor companies trading across several European markets.

Brent Crude Trades Near $112

Brent crude futures rose another 3% to around $112 a barrel, extending gains that have taken oil prices nearly 40% higher since early July.

The latest increase followed military strikes on Saudi Arabian infrastructure, including an attack on a major oil pipeline. Developments involving Yemen’s Houthi rebels near Red Sea transit routes also added to concerns about regional shipping and energy supplies.

A planned diplomatic meeting in Oman between Iran and Gulf Arab states concerning the reopening of the Strait of Hormuz to maritime traffic was also postponed.

Markets Price 86% Probability of Fed Rate Increase

Investors are also preparing for several monetary policy decisions following last week’s European Central Bank interest rate increase to 2.50%.

Money markets were pricing an 86% probability that the Federal Reserve would increase its benchmark interest rate by 25 basis points at its 15-16 September meeting.

Swap markets were also assigning a high probability to another quarter-point increase in December.

The Bank of Japan is widely expected to raise interest rates on 18 September, while the Bank of England is also due to announce its latest monetary policy decision.

The FTSE 100 rose on Monday as oil prices moved higher amid continued concerns over Middle East supply disruptions, while major continental European equity indices traded lower.

The FTSE 100 was up 0.53% as of 03:15 ET (07:15 GMT). Germany’s DAX declined 0.12%, while France’s CAC 40 fell 0.24%.

Sterling weakened against the US dollar, with GBP/USD down 0.22% at 1.3497.

Strait of Hormuz Meeting Postponed

Oman postponed a planned meeting between Gulf states and Iran concerning management of the Strait of Hormuz, citing the need to reach consensus.

ING commodities strategists said “the delay pushes any prospect of de-escalation even further out of reach.”

The postponement followed Saudi Arabia’s shutdown of its 7 million barrel-per-day East-West pipeline following attacks on the country’s energy infrastructure last week.

ING described the pipeline as “a vital bypass route for Saudi oil exports during disruptions through the Strait of Hormuz.”

The bank said the extent of any potential damage and the likely duration of the shutdown remained unclear. ING maintained its base-case forecast for Brent crude to average $80 a barrel in the fourth quarter, while noting that the escalation increased risks to that outlook and that substantial oil volumes were still moving through the Strait of Hormuz.

Reuters ship-tracking data showed the number of Hormuz transits falling to single digits over the weekend, compared with a 10-day average of 14.

US Central Command separately said it had redirected more than 100 commercial vessels under its blockade of Iranian ports, which was reinstated in July.

UK Government Hosts Business Roundtable

In the UK, Prime Minister Andy Burnham is hosting business leaders, entrepreneurs and local mayors at Downing Street as the government sets out its approach to economic growth.

Participants include founders of Octopus Energy, Revolut, Starling Bank and Oxford Quantum Circuits, as well as executives from HSBC, Aviva, Standard Chartered, Morrisons, Sainsbury’s, BT, Vodafone, BP, Shell, Rolls-Royce and BAE Systems.

The meeting comes ahead of Chancellor John Healey’s first budget on 28 October, against a backdrop of higher borrowing costs and the economic effects of the Iran war.

IEA Cuts 2026 Oil Demand Forecast

ING also highlighted changes to the International Energy Agency’s oil demand forecasts.

The IEA now expects global oil demand to decline by 2.5 million barrels per day year on year in 2026, a reduction that is 940,000 barrels per day larger than its previous forecast. It continues to forecast a 2.6 million barrel-per-day recovery in 2027.

Middle distillate markets also remained tight. The ICE gasoil crack reached record levels near $84 a barrel, while US diesel cracks exceeded $110 a barrel.

ING linked the conditions to Russia’s diesel export ban and US pressure on Ukraine to stop strikes on refineries.

Brent Crude Climbs Above $107

Brent crude futures rose 2.86% to $107.60 a barrel, while US WTI futures gained 2.77% to $102.81.

Gold prices moved lower, with December futures down 1.06% at $4,362.37 and spot gold declining 0.62% to $4,322.29.

US equity futures moved higher on Friday as crude oil prices pulled back below $100 a barrel and investors assessed August consumer inflation figures ahead of next week’s Federal Reserve policy meeting.

US crude futures declined nearly 3% after gaining more than 12% since the start of the week.

The decline followed a Financial Times report that Iran and Oman are expected to meet Gulf states next week to discuss reopening shipping through the Strait of Hormuz.

The move in futures followed several sessions of losses on Wall Street, with the Dow Jones Industrial Average and S&P 500 ending Thursday at their lowest closing levels in more than a month.

August CPI Rises 0.4% as Core Inflation Exceeds Forecast

US futures remained higher following the Labor Department’s latest consumer price report.

The consumer price index increased 0.4% month on month in August after rising 0.1% in July, matching economists’ forecasts.

Excluding food and energy, core consumer prices increased 0.3%, compared with a 0.2% rise in July and expectations for another 0.2% increase.

Headline CPI was unchanged at 3.4% on an annual basis. Annual core inflation eased to 2.4% from 2.5% in July, in line with expectations.

The inflation report comes ahead of the Federal Reserve’s monetary policy meeting next week.

US Equities Extend Losses in Thursday Session

Wall Street’s major indices declined on Thursday as crude oil prices and US Treasury yields moved higher.

The Dow fell 316.56 points, or 0.6%, to 52,064.10, while the Nasdaq Composite lost 171.62 points, or 0.7%, to close at 26,081.72. The S&P 500 declined 44.66 points, or 0.6%, to 7,591.70.

The session left the Dow and S&P 500 at their lowest closing levels in more than a month.

US crude futures moved above $100 a barrel for the first time since May amid concerns over how long the conflict between the US and Iran could continue.

The source cited a Wall Street Journal report saying US officials indicated that senior White House advisers had privately raised with President Donald Trump the possibility that the conflict could last through the remainder of his term.

Trump said Wednesday that he expected the conflict to end immediately after the midterm elections.

Treasury Yields Reach Nearly Three-Year High

The increase in crude prices was accompanied by higher Treasury yields, with the benchmark US 10-year yield reaching its highest level in almost three years, according to the source.

Investors were assessing the implications of higher oil prices and bond yields for the interest-rate outlook ahead of next week’s Federal Reserve meeting.

Several sectors recorded losses during Thursday’s session. The NYSE Arca Gold Bugs Index declined 3%, while the Philadelphia Semiconductor Index fell 2.7%.

The NYSE Arca Computer Hardware Index dropped 2.3%, with housing, airline and biotechnology stocks also moving lower.