Finance

Brent crude oil prices climbed above $100 per barrel following news of renewed Iranian naval activity and the continued closure of a critical global trade artery. The persistent energy shock is fueling concerns over long-term inflation and has significantly increased projected fuel costs for major domestic airlines.

The yield on the 10-year Treasury note rose to approximately 4.31% as investors processed the implications of sustained high oil prices on future interest rate paths. Despite a marginal increase in weekly jobless claims, the broader labor market appears stable, reinforcing expectations that central banks may keep rates elevated for a longer duration.

First-quarter earnings reports provided a varied outlook, with companies like GE Vernova and AT&T beating estimates while others like IBM and ServiceNow saw shares decline. The divergent performance highlights a growing focus on the actual productivity gains from artificial intelligence versus the cost of continued energy disruptions.

Stablecoin issuer Tether froze over $344 million in USDT today following coordination with U.S. law enforcement agencies to combat illicit activity. While Bitcoin and Ethereum initially opened higher, prices retreated later in the morning as traders balanced compliance developments against ongoing macroeconomic uncertainty.

Cannabis stocks experienced a notable surge following the signature of an order to reclassify state-licensed medical marijuana as a less dangerous drug. This regulatory shift prompted gains for major producers and real estate investment trusts specialized in the industry.