🔺Oil rose past $91; bond market collapsed

▪ Oil prices, as U.S. and the Islamic Republic’s attacks intensified, reached the highest level in more than a month and reignited concerns about a return of inflation.

▪ According to a Bloomberg report, Brent crude rose by 3.8% to $91.42 per barrel, the highest level since June. West Texas Intermediate crude was also traded at around $84.

▪ The driver of this surge was attacks on ships that intended to transit the Strait of Hormuz, as well as an attack on a key oil facility in Kuwait at the end of last week.

▪ Brent oil closed on Friday with a 4.6% increase at $88.10 and rose by about 16% over the past week.